Tata Motors trophy brand, Jaguar Land Rover has inked a fresh deal with people’s republic of China to sell 40,000 of its iconic cars in 2011. It has been billed as more than a billion dollar deal, which has come on the lap of JLR over the previous order of £850 million for 13,000 cars.
The worth of the deal was more than a billion dollars, was confirmed by a spokesperson at the Tatas.
The break up of the 2009 deal was roughly 10,000 Land Rovers and 3,000 Jaguars, whereas the new package consists of 36,000 Land Rovers and 4,000 Jaguars. The deal to sell China 13,000 cars was expected to be honored by the year 2011 but was completed one year ahead.
Deputy Prime Minister of Great Britain and Vice Premier of China oversaw the signing of the memorandum of understanding to mark the new deal. The deal was signed by president of Jaguar Land Rover China and Jaguar Land Rover Chief Executive Officer (CEO).
The new deal was projected as important to Great Britain’s economy along with the growing significance of the Chinese market. It was further revealed that China is the fastest growing market for JLR in terms of volumes and economically was the third largest across the world. JLR’s improved sales performance was attributed to its success in the Chinese market with the company registering a growth rate of 19% over 2009.
Details of JLR’s performance in India were not provided, which is the latest market that the luxury brand has recently entered.