Jaguar Land Rover, China's Chery agree on a JV 

(MENAFN) Luxury automaker Jaguar Land Rover (JLR) signed an agreement with China's Chery Automobile Co to cooperate in the production and selling vehicles in China, Reuters reported.

The joint venture will manufacture and sell both JLR and JV-branded vehicles, as the British brands look for further growth in the world's largest car market.

JLR, owned by Indian Tata Motors, and Chery will look to leverage research and development, technology and manufacturing knowledge across the JV, both companies said.

Sales of JLR's sleek saloons and powerful SUVs in China saw a boom in recent years. Sales in China contributed 17.2 percent of JLR's revenue in the fourth quarter, more than the UK, its home market.

If the JV should be approved it will help JLR to compete with global luxury car makers including BMW and Daimler AG's Mercedes-Benz who are much gaining from the growing ranks of wealthy Chinese.