Jaguar Land Rover, owned by the Tata Group, is investing £5 billion ($8.2 billion) in product development and new equipment over the next five years, according to a media report.
The money would be spent primarily on product development and new equipment at JLR’s three plants in the UK, which together employ 17,000 people. Some of the investment is likely to cover new investments at a planned factory in China, the Daily Telegraph said. The proposed spending is a sign of confidence in the UK market at a time when the government is trying to encourage a revival of manufacturing to drive economic growth. The investment would focus on new engine technology and advances in car body design to emphasise reductions in fuel use.