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Indian-owned Jaguar Land Rover have signed a joint-venture deal with Chery Automobile as a foothold into the world's fastest-growing car market.
Jaguar Land Rover, owned by India's Tata Motors, and Chery are seeking regulatory approval for the $2.8 billion venture in eastern China, says Reuters.
The joint venture will manufacture Jaguars, Land Rovers and new Chery-badged vehicles and engines.
It will also establish a research and development facility and have car dealerships to sell the vehicles produced by the joint venture.
The two companies now will follow the official process to form a joint venture company in China.
In a joint statement, Jaguar Land Rover and Chery say they will leverage research and development, technology and manufacturing knowledge.
"Demand for Jaguar and Land Rover vehicles continues to increase significantly in China and we believe that JLR and Chery can jointly realise the potential of these iconic brands,'' Jaguar Land Rover CEO Ralf Speth and Yin Tongyao, chairman of Chery, said in the statement.
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