Jaguar Land Rover, Chery cleared for joint venture in China

Jaguar Land Rover and Chery Automobile Co Ltd have won regulatory approval to form a 12.1 billion yuan (US$1.92 billion) car venture in China, the Chinese automaker said on Friday.

The deal would help raise the profile of Chery, a mass volume player aspiring to gain access to the lucrative upscale segment dominated by foreign brands.

It also marks Jaguar Land Rover’s latest effort to expand its appeal in the world’s largest auto market, where luxury sedans and SUVs remain in hot demand even as the overall car market cools.

via Business feed http://www.scmp.com/business/companies/article/1042260/jaguar-land-rover-chery-cleared-joint-venture-china