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China’s Great Wall Plans U.S. Debut in 2021
Wei Jiangjun, chairman of Great Wall Motor Co., tells reporters in Hong Kong the company expects to “step into” the U.S. car market in 2021.
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Wei Jiangjun, chairman of Great Wall Motor Co., tells reporters in Hong Kong the company expects to “step into” the U.S. car market in 2021.
Wei notes that the company has begun market development work in the American market and plans to initially work with local factories in the U.S. He adds that Great Wall has no plan to build its own assembly plant there.
The company’s Haval Motor Technology unit is opening a $3.5 million research center outside Detroit to help homologize its vehicles with U.S. safety, emissions and fuel economy regulations. The facility is expected to eventually employ 150 people.
Great Wall’s operating revenue last year rose 3% to 101.2 billion yuan ($16.2 billion), The Nikkei reports. But selling costs surged 39%, and profits plunged 52% to 5 billion yuan ($804 million). The company, which specializes in SUVs and pickup trucks, predicts its unit sales this year will climb 8% to 1.16 million vehicles.
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