Great Wall Motor to open a factory in Russia
China’s privately owned Great Wall Motor Co Ltd plans to invest 3.2 billion yuan ($510 million) to build a car manufacturing plant in Russia, its largest export destination.
The factory is expected to produce up to 150,000 vehicles a year.
According to Great Wall’s statement filed with the Shanghai Stock Exchange, the plan will be built about 200 kilometers south of Moscow.
In 2013, the company’s revenue was 1.65 billion yuan in Russia, accounting for 34.39 percent of the total overseas revenue of 4.79 billion yuan. But Great Wall’s total export of 74,900 units last year — 31,500 pickups, 32,400 SUVs and 11,000 cars — was 21.52 percent lower than in 2012. (Photo 4)