Jaguar Land Rover and Chery Automobile Company Ltd, the British and Chinese carmakers, have formally laid the foundation stone for their new manufacturing facility in the People's Republic of China.
The two companies recently received formal approval from the Chinese Government for their joint venture and now have a licence to manufacture Jaguar Land Rover vehicles and new models for a partnership brand in China.
Jaguar Land Rover and Chery will now accelerate plans to build a joint venture manufacturing plant in Changshu, near Shanghai, as part of a 10.9bn RMB investment that will also include a new research and development centre and engine production facility.
The project includes the creation of a new partnership brand to assemble models tailored specifically for the Chinese market, including the marketing and distribution.
The benefits of the joint venture to China include investment, job creation, advanced technology and low carbon solutions.
The joint venture will blend together the heritage and experience of luxury premium vehicle manufacturer Jaguar Land Rover with the intricate knowledge and understanding of Chinese customers evident at Chery.
The joint venture underlines a firm commitment from both companies to the world's largest car market for the long term future.
In a joint statement, Dr Ralf Speth, Jaguar Land Rover Chief Executive Officer, and Yin Tongyao, Chairman and Chief Executive Officer of Chery Automobile Company Ltd, said: "We are delighted to have reached this milestone, achieved thanks to the understanding and foresight of the Chinese authorities and we want to thank them for recognising the potential of our joint venture in the fast-growing Chinese market.
"Together, we will now begin working in close collaboration on our partnership plans to harness the capabilities of our respective companies, to produce relevant, advanced models for Chinese consumers."
The name of the new joint venture company was also confirmed: the equal partnership will be called Chery Jaguar Land Rover Automotive Company Ltd.