Luxury carmaker Jaguar Land Rover, part of Tata Motors, is to invest £355 million ($561 million) in a new engine production plant in the UK. The development is expected to create 750 jobs and thousands more across the wider UK economy.
Mike Wright, Executive Director at Jaguar Land Rover, said that the company had considered building the facility in a number of locations within the UK and outside the UK. “One obvious location would have been India. There are a whole host of factors that go into these decisions, but on the balance of all of those factors, we determined with the support of Tata Motors, in this instance, the UK was the best option,” he stated.
Jaguar Land Rover already employs more than 19,000 people in Britain and supports up to 140,000 jobs. It has been boosted by strong demand from emerging markets such as Russia and China for its cars. “As we invest £1.5 billion a year for the next five years on new product developments, expanding our engine range will help us realise the full global potential of the Jaguar and Land Rover brands,” said JLR CEO Ralf Speth.
The UK’s car industry is now largely foreign-owned but employs around 800,000 people and accounts for about 10% of the country’s exports.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]