Jaguar Land Rover recently awarded $3.3 billion dollars worth of supply contracts to over 40 manufacturing companies in the UK.
The contract signings were made specifically to support the manufacturing of Jaguar Land Rover’s newest model, the Range Rover Evoque. The Evoque’s lower price tag and superior fuel efficiency have Jaguar Land Rover executives anticipating strong sales over the next few years. The new contracts will insure that demand for the vehicle is met.
Jaguar Land Rover’s contracts will also spur employment growth in the region, creating anywhere from 3,500 to 5,000 new jobs. These developments support Jaguar Land Rover’s claims of becoming a strong driver for the UK’s economy. “We are the largest investor in automotive research and development and engineering in this country and as today’s announcements shows, we generate billions of pounds of economic activity here every year,” noted Dr. Ralf Speth, CEO of Jaguar Land Rover.
Jaguar Land Rover claims that the Evoque production contracts mark the beginning of a series of investments and product developments slated for the company over the next five years. For Rover lovers, it will certainly be exciting to follow!
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