British multinational auto company Jaguar Land Rover is all set to create about 700 additional jobs in the Midlands of UK. The new jobs will be created by an additional investment of £150 million in a new engine factory in Wolverhampton from Jaguar Land Rover (JLR).
Jaguar is a part of India’s Tata industrial group and has authorized extra investment to cover the possibility of a large expansion in output of UK car plants in the next few years. The high investment in the Wolverhampton factory is part of a five-year project for investments by JLR. A total spending from 2010 must reach 10 billion, which in the past couple of years was pushed up from the originally envisaged figure of £ 7.5 billion.
Around 85 % of this will be spent on the UK plant investment and new model development, while the rest of the cash is likely to be spent in China, where JLR is building a plant with its joint venture partner Chery. Chery is a leading Chinese vehicle business.
The new extra spending from the company is a good news for UK manufacturing, much of which is under pressure, as the economy struggles to recover from a downturn.