Jaguars and Land Rovers to be built in China

India's top vehicle maker Tata Motors has selected a partner to build an assembly plant for its luxury British car brands Jaguar and Land Rover in China, a senior executive said on Tuesday. "We are waiting for the necessary regulatory approvals," Tata Motors finance chief C. Ramakrishnan told reporters, without giving any further details. "An announcement will be made very soon," he added. China has emerged as a key market for Jaguar and Land Rover (JLR), whose sales in Europe remain weak due to the current economic uncertainty. Earlier this month, Tata Motors announced a 41 percent jump in quarterly net profit of 34.06 billion rupees ($681 million) for the three months to December, thanks to strong sales of Jaguar and Land Rover. Tata Motors, which also makes the world's cheapest car, the Nano, bought Jaguar and Land Rover from US Ford Motor Co in 2008 for $2.3 billion as part of its plans to expand beyond Asia. Ramakrishnan said Tata Motors plans to double its investments in JLR to 1.5 billion pounds a year, starting in the new financial year, to help launch new products and technologies. In recent years India and China have emerged as key markets for global automakers, as car sales in most developed countries have slumped due to economic turmoil. Government stimulus packages in both Asian nations, along with cheap financing and new model launches, have helped drive demand among increasingly well-off consumers.