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Friday, 6 May 2011

Tata hands Jaguar £5bn to match German rivals

Finanical Times
May 6, 2011

Jaguar Land Rover is investing £5bn ($8.2bn) over the next five years to catch up on quality with BMW, Mercedes-Benz and Audi – the three German companies that dominate the luxury end of the automotive business globally.

The money will be spent mainly on product development and new equipment at JLR’s three UK plants, which together employ just over 17,000 people, with some of it likely to cover new investments at a planned factory in China.

The spending is seen as a sign of commitment to the UK by JLR’s Indian parent group, Tata. Ratan Tata, chairman, authorised the $2.3bn purchase of JLR three years ago from Ford, only to see his plans blown off course by the global recession.
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