Two Midland car-makers have secured Chinese investment as part of a series of business announcements during the state visit by China’s president to London.
Gaydon-based , famous for making , will sign a deal worth £50 million with China Equity to develop its electric sports car.
The luxury carmaker, which recently announced job losses, is planning to expand both its model line-up and use new technologies as part of a strategy to boost volumes and return to profitability.
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Elsewhere, Chinese carmaker Geely, which owns the , will also invest a further £50 million to enhance its research capabilities and launch a new fleet of zero-emission-capable black cabs.
The deals were announced on the second day of China’s president Xi Jinping’s stay as Britain seeks to clinch contracts worth almost £30 billion.
The Post revealed earlier this week that Chancellor George Osborne personally intervened to prevent the Chinese President coming to Birmingham during the high-profile visit.
Instead, George Osborne i, the heart of his pet so-called “Northern Powerhouse” project.