JLR to invest in UK, keep auto plants
Tata Motors-owned Jaguar Land Rover (JLR) is planning to make an investment of billions of pounds in Britain. The company has also cancelled its plans of closing down one of its auto plants there. The company made this decision of cancellation, finalizing a a deal with trade unions, stated the company on October 15th, 2010. Jaguar Land Rover stated that it will importantly raise its range of products and also the overall global volumes.
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Tata Motors-owned Jaguar Land Rover (JLR) is planning to make an investment of billions of pounds in Britain. The company has also cancelled its plans of closing down one of its auto plants there. The company made this decision of cancellation, finalizing a a deal with trade unions, stated the company on October 15th, 2010. Jaguar Land Rover stated that it will importantly raise its range of products and also the overall global volumes. This will definitely provide numerous jobs in the next decade. During the previous year, Tata announced that it will merge two out of its three Jaguar Land Rover plants in England. The company further added that this step will be a part of the company’s plan for handling the declining demand. But later on, the company said that the business had started showing improvement.
Land Rover Chief Executive Officer, Ralf Speth commented that they had ambitious plans for achieving good growth. He further added that this agreement will permit the company to realize and accelerate its plans which will really benefit the company. He further added that the parent company of Jaguar land Rover, Tata, supported JLR through the time of recession and the employess of JLR also made certain sacrifices but presently the company is observing a big turnaround in the business. The luxury carmakers of Europe comment that they do not worry about a likely double-dip recession as they predict that increasing numbers of rich customers in the emerging markets will compensate for any weakness in those of the mature markets.
This year, a sudden boom in the premium car market has expressed the global financial meltdown. It has also rendered an adjoining collapse in bonus-fuelled demand from bankers. Earlier, Porsche SE stated that its business of sports car had provided around as much in the fourth quarter only as it did in the earlier nine months. Francisco Camilher-Carvalho, analyst at IHS Global Insight, commented that with all novel varied and diversified products in the process and the established network of Tata in India, Jaguar Land Rover was placed at the right position to get market share.
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