Fw: [ExryuVietnam] Luxury car maker seeks Chinese partner

Luxury car maker seeks Chinese production partner Graham Ruddick September 15, 2011 JLR brand director Adrian Hallmark, chief designer Ian Callum and CEO Ralf Speth with a Jaguar C-X16. Photo: Reuters JAGUAR Land Rover is in ''very intensive discussions'' with a leading Chinese car maker and government officials about forming a joint venture to produce its luxury cars in China. A deal with a Chinese company would mark a historic moment for the British car maker, with Jaguars and Land Rovers being produced outside its traditional Midlands base. Sales of the cars are soaring in Asia, and China accounted for more than 10 per cent of sales last financial year, when JLR made a record pre-tax profit of £1.1 billion ($A1.68 billion) and sold 245,000 cars. Management of JLR and parent company Tata Motors have been eyeing a joint venture in China for months in order to save import costs on vehicles sold in the region. Chief executive Ralf Speth said at the Frankfurt Motor Show this week that JLR was now in primary discussions with one company, although would not confirm its identity. ''I don't want to rush this kind of JV because it is important and the first one. It is in the biggest market on Earth for cars. Whenever you step in [to a partnership] it is difficult to be divorced and sometimes expensive. We can't afford this,'' he said. It is understood that a deal could be in place by the end of the year, but regulatory clearance from the Chinese government could take another 12 months. Chinese car makers with existing European joint ventures include SAIC and Geely. Mr Speth also said ''nothing will change'' at JLR despite the departure of Tata Motors chief executive Carl-Peter Forster, due to what is understood to be a family illness. Mr Speth and Mr Forster have overseen a dramatic turnaround in the fortunes of JLR since they were appointed less than two years ago. The company is investing £1.5 billion a year in product development, is planning to build a new engine plant in the UK and has hired an extra 3000 staff this year to keep up with demand. Mr Speth said sales were ahead of last year despite the global economic uncertainty. Ratan Tata, chairman of Tata Sons and the man who bought JLR, has made a rare public appearance at the Frankfurt show. ''The credit for the turnaround of Jaguar Land Rover goes to the management team and workforce of the company,'' he said. ''No single person can or should take credit for the improvement in the company's operations. ''The upturn in the company's performance commenced two years ago. The improvement reflects the changed market environment, the success of new products already in the pipeline and the enthusiasm and support of the management team and workforce.'' TELEGRAPH Read more: http://www.theage.com.au/business/luxury-car-maker-seeks-chinese-production-partner-20110914-1k9hw.html#ixzz1YNyDvgKm

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Subject: [ExryuVietnam] Luxury car maker seeks Chinese partner

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