Under new owners Ford Motor Co., Land Rover will invest 130 million (E214.6 million) over the next few years to upgrade its Solihull, England, production plant.
Land Rover Chief Executive Bob Dover said the company plans to increase its volume dramatically.
Dover said he was 'confident that within five years we will be making vastly more than our current production level of 170,000.'
He acknowledged Land Rover has a big job to do.
'Land Rover currently loses money,' he said. 'Our factory in Solihull is not productive enough, with many more man hours per vehicle needed than our major competitors, especially our Japanese competitors.'
When Ford bought Land Rover from BMW in July, it named Dover to head the Land Rover rebuilding effort.
Fixing Solihull is one of Dover's main priorities. A new press shop will open at the site in October. Installation of the assembly line that will build the new Range Rover, begun under BMW, is continuing.
Improving quality is a major priority, Dover said.
'Our quality, although improving - we scored about average on the most recent JD Power customer satisfaction findings in the US - is still not as good as it should be,' he said. 'Average is not good enough for Land Rover. Some of the costs we inherited when we took control in July were starting to spiral out of control. So there is a lot of work to be done.'
Dover said new owners Ford will assist Land Rover with manufacturing and design as well as help reduce purchasing costs with its huge buying power.