Jaguar Said to Invest as Much as $3 Billion With Chery in China

Tata Motors Ltd.’s Jaguar Land Rover luxury division and Chery Automobile Co. may invest as much as $3 billion over five years in their Chinese joint venture, two people familiar with the matter said.

The two companies will spend as much as $1 billion on a new factory, about $1 billion on establishing a China-specific brand and from $500 million to $1 billion on research and development, said one of the people, who declined to be identified because the plans have not yet been made public.