London, May 23 (MTI) – The British Jaguar Land Rover group will decide on building a manufacturing site in Eastern Europe soon, Hungary is on the list too, Financial Times said.
According to the London-based financial newspaper, the company owned by India’s Tata industrial group is studying Poland, the Czech Republic and Slovakia, in addition to Hungary, as possible locations.
An anonymous source said the British company looks at which of the four countries makes the best offer.
According to Financial Times, the production rate of Jaguar Land Rover has been expanding rapidly in recent years, in particular because of the demand of the popular Range Rover model. The company produced 460 thousand cars last year, and this year’s goal is to reach 500 thousand. However, Jaguar Land Rover wants to compete above all with the three big German luxury brands, Audi, BMW and Mercedes, but these German companies sell almost 2 million vehicles a year.
In order to be able to compete, Jaguar Land Rover needs more capacity, the Central and Eastern European region is fast becoming a center of global automotive manufacturer, Financial Times said.
The paper emphasizes that Hungary, Slovakia, the Czech Republic and Poland are among the ten largest car manufacturers in the European Union alike.
According to Financial Times, the annual capacity of the new Eastern European factory would be at least 250 thousand vehicles, although it hasn’t yet been known which model would be produced there.
based on the article of MTI
translated by BA