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China’s Great Wall says will invest $1.9 billion in Brazil over next decade -Breaking

by Mike Robinson

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© Reuters.

SHANGHAI (Reuters – China’s Great Wall Motor stated Friday that 11.5 billion yuan ($1.81B) will be invested over 10 years to make electric vehicles in Brazil, where it has purchased a factory. Daimler AG (DE)

China’s most renowned pickup truck maker 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 hybrid. According to it, the company will introduce its first product during the fourth quarter.

Its new plant in Iracemapolis, Sao Paulo state will produce the vehicles. The factory officially took control of Thursday.

Great Wall claimed it would open the plant in the second quarter of next year. The company also stated it anticipated that it could produce 100,000 units annually and provide 2,000 new 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’s most important economy.

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)

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