Bulletin

Midlands is motoring after £650m cash boost

cars

Jaguar Land Rover has announced plans to invest £400m in a new engine plant near Birmingham, as well as new equipment and the expansion of its design centre. The Indian-owned carmaker intends to produce the new Jaguar XF executive saloon at its Castle Bromwich factory in Coventry, where the company has purchased 62 acres of land to expand the research and development centre and increase its focus on low-emission vehicles. JLR chief executive Ralf Speth said that the Whitley expansion was 'just the start' as the company needed more capacity in the UK as it attempts to maintain sales against stiff competition from German rivals, while reinvesting in new models and continuing to reward its Indian owners. The investment from JLR comes at the same time as China's Zhejiang Geely Group revealed it is to spend £250m on a new factory for the London Taxi Company, maker of the iconic black cab. The site, also near Coventry, will create up to 1,000 jobs and produce around 30,000 vehicles a year, with the first batch rolling off the production line in late 2017. Li Shufu, chairman of Geely, said his company's decision reflects 'the importance of Britain as an inward investment destination for Chinese companies.' Britain's attractions as a centre for automotive production, flexible supply base, skilled workers and access to the European single market have already made the country a hub for vehicle production.'

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

Other Articles

The new Apprenticeship Levy could help transport and logistics companies solve their recruitment problems and equip their workforces with…

Cornwall is a land steeped in legend but this salty business success story is no myth.

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Santander Incubator social enterprise, Liverpool Girl Geeks, has secured £20k in Rosa funding to help them grow their programmes and…

Travelstar European Ltd, one of the West Midlands’ leading coach hire companies, has moved to larger premises in Portland Street, Walsall,…

Santander’s local Business Banking team recently held a Breakthrough Masterclass at the English Whisky Company, with local East Anglian…

Where Next?