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Great Wall Moves Ahead on Russian Factory Despite Market Collapse
China’s Great Wall Motor Co. is pressing ahead with construction of an assembly plant in central Russia in spite of the country’s collapsing car market, Automotive News China reports.
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China’s Great Wall Motor Co. is pressing ahead with construction of an assembly plant in central Russia in spite of the country’s collapsing car market, Automotive News China reports.
The 2.1 billion-yuan ($314 million) plant remains on track to open in 2018, according to a financial filing. The factory will eventually have enough capacity to build 150,000 vehicles per year. Last year Great Wall’s shipments to Russia plummeted 79% to only 3,200 units. AN China says the company hasn’t sent any vehicles to Russia this year.
In 2015 only three carmakers—Lada, Kia and Hyundai—sold more than 150,000 vehicles in Russia. Last year’s market shrank 36% to 1.60 million cars and light commercial trucks, according to the Moscow-based Assn. of European Businesses. AEB reports that demand fell another 14% through the first seven months of 2016.
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