Great Wall Motor to Invest CNY3.33 Billion for Production Facility in Russia
September 16 2015 - 5:54AM
Dow Jones News
By Joanne Chiu
Great Wall Motor Co. (2333.HK) said Wednesday it plans to invest
3.33 billion yuan ($523 million) to set up a production facility in
Russia as the Chinese car maker looks to boost sales overseas.
Great Wall Motor said it has set up a wholly-owned unit Haval
Motor Manufacturing Rus Ltd. in Russia's industrial city of Tula.
In May, it signed an agreement with the local Russian government
and Tula Oblast Public-Private Partnership Development Group on the
proposed investment.
Haval Motor will be responsible for the manufacturing and sale
of cars and car parts with an annual production capacity of 150,000
cars, it said.
Write to Joanne Chiu at joanne.chiu@wsj.com
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(END) Dow Jones Newswires
September 16, 2015 05:39 ET (09:39 GMT)
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