This Jan 28 article corrects the investment figure at $1.8 billion, down from $1.9 billion in headline.

SHANGHAI, (Reuters) – China’s Great Wall Motor announced Friday that it would invest 11.5 billion yuan ($1.81billion) in the next decade to construct electric cars in Brazil. It has already taken control of a Brazilian factory. Daimler AG (DE)

China’s most renowned pickup truck manufacturer Great Wall from Baoding said that 10 new electric products would be launched in Brazil within three years. Six of them will be pure electric and the other six will come as hybrids. According to it, the company will introduce its first product during the fourth quarter.

These vehicles will be made at the new factory it has built in Iracemapolis (Sao Paulo), which was officially taken over by it on Thursday.

Great Wall stated that the plant would be operational in the second half next year. It also said that 100,000 units per year were expected and it will create 2,000 jobs.

Daimler (OTC 🙂 purchased the ex-Merced Benz factory from Great Wall last August for an undisclosed price. It was a move that marked Chinese automaker’s entrance in Latin America.

Great Wall relies on global sales to make a profit. It sold 1.28M vehicles in 2017 and plans to sell four million more cars per year by 2025.

($1 = 6.3629 renminbi)