Geely denies talks with with India's TataBusiness | 12 Nov 2019 11:37 am
India's Tata Group, the owner of Jaguar Land Rover, has approached carmakers including China’s Zhejiang Geely Holding Group and BMW AG as it seeks partnerships for the beleaguered British automotive business, people with knowledge of the matter said, Bloomberg reports.
India’s largest conglomerate has said it is open to finding partners for JLR to save on costs and share the burden of investing in electric vehicles. The deliberations were at an early stage and Tata could still approach other potential partners, the people said.
It was not immediately clear how receptive Geely and BMW were
“There have been no talks with Tata or JLR,” Geely said in a statement. BMW declined to comment, as did Tata.
Any tie-up with a Chinese automaker could potentially help JLR in that market, where its struggles led to a US$3.9 billion writedown earlier this year. Deeper ties between the British luxury brand and BMW would build on an existing collaboration to develop engines and electric-drive technology, though the German carmaker’s former chief executive officer in August ruled out any equity investment.