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British luxury car manufacturer Jaguar Land Rover (JLR) is planning to invest £240 million to open a manufacturing facility in Brazil.
The company, owned by India’s Tata Motors, is planning to set up a plant in Rio de Janeiro with an annual production capacity of 24,000 vehicles. The first of the vehicles would come off the assembly line in 2016, it said in a statement.
The plant will initially employ 400 people, it said, adding that with this JLR becomes the first British carmaker to open a manufacturing facility in Brazil.
Jaguar Land Rover’s planned expansion in Brazil is the next major step in the company’s strategy to increase its global manufacturing footprint and create additional capacity.
The new facility will play an important role in supporting the significant growth opportunities identified in Brazil and across other South American markets.
“Brazil and the surrounding regions are very important. Customers there have an increasing appetite for highly capable premium products,” said JLR Chief Executive Officer Ralf Speth.
Construction of the manufacturing facility will commence in mid-2014.
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