Great Wall Motor To Invest In Russia Plant
by The Daily Lede
SHANGHAI–Chinese auto maker Great Wall Motor Co. said it would build a car plant in Russia that will have an annual expected capacity of 150,000 vehicles.
In a statement to the Hong Kong exchange Monday, the auto maker said it would enter into an agreement Tuesday with the government of Tula Oblast and the Tula Oblast Public-Private Partnership Development group, that will pave the way for it to build the factory, that will be a wholly owned subsidiary of Great Wall Motor.
Tula Oblast is located south of the Russian capital of Moscow.
Great Wall said investment in the first phase of investment will be around 2.1 billion yuan (around $340 million). The company said it would build a second phase depending on commercial performance of the project. Total investment could reach 3.2 billion yuan, the company said.
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(END) Dow Jones Newswires 05-19-14 0858ET Copyright (c) 2014 Dow Jones & Company, Inc.