Great Wall to complete Russian plant despite shaky economy
Great Wall Motor Co., China's largest crossover maker, is moving ahead with construction of a full-scale assembly plant in Russia even though sales are slow there.
The factory, under construction in the Tula Oblast region of central Russia, is due to launch production in 2018, Great Wall said in a new financial report.
The 2.1 billion yuan ($314 million) plant will produce up to 150,000 vehicles a year after reaching full capacity, according to information Great Wall released in 2014.
The automaker expects the factory to help it revive sales in Russia.
Due to Russia's troubled economy and export tariffs, Great Wall has yet to ship any vehicles there this year. In 2015, Great Wall's exports to Russia plunged 79 percent to 3,181 vehicles.
Several other Chinese automakers, including Chery Automobile Co. and Chongqing Lifan Industry Group Co., export a small number of vehicles to Russia.
The factory, under construction in the Tula Oblast region of central Russia, is due to launch production in 2018, Great Wall said in a new financial report.
The 2.1 billion yuan ($314 million) plant will produce up to 150,000 vehicles a year after reaching full capacity, according to information Great Wall released in 2014.
The automaker expects the factory to help it revive sales in Russia.
Due to Russia's troubled economy and export tariffs, Great Wall has yet to ship any vehicles there this year. In 2015, Great Wall's exports to Russia plunged 79 percent to 3,181 vehicles.
Several other Chinese automakers, including Chery Automobile Co. and Chongqing Lifan Industry Group Co., export a small number of vehicles to Russia.
