Nanjing leases MG Rover plant

Nanjing leases MG Rover plant

Nanjing Automobile Corporation has announced that they have signed a deal worth at least £60m to lease 40 hectares (100 acres) of the former MG Rover car plant. This plant is located at Longbridge and the lease is valid for the next 33 years.

However, the deal has a break clause, which would enable the company to walk away within the next six months if it cannot come up with a viable long-term plan for the site. The company had already bought the assets of MG Rover from the administrators PricewaterhouseCoopers.

That deal was worth close to around £50 million. The company had then said that they were hoping to restart car production at Longbridge next year. One of the first products planned for production is the MG’s TF sports car and the plant is expected to generate employment for around 600-1000 workers.

The company is also currently in negotiation with several possible partners but have declined to reveal the details.