LONDON – Jaguar Land Rover has announced a substantial new investment in Britain and the creation of 1,700 jobs.
The Indian-owned company plans to invest 1.5 billion pounds ($2.3 billion) to produce an advanced new car manufactures out of aluminum.
The announcement was made Tuesday at the Frankfurt Motor Show in Germany.
The move was hailed by unions and political leaders, with Prime Minister David Cameron calling the investment a major vote of confidence in the British economy.
The Indian company Tata purchased Jaguar Land Rover from Ford in 2008 and has successfully expanded the familiar brand into new markets.