Pursuits
Great Wall’s H8 Dents Confidence in Asia’s Richest Car Chief
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Great Wall Motor Co.’s billionaire Chairman Wei Jianjun pushed back deliveries of the company’s most expensive SUV after the automotive press panned the Haval H8 in test drives. It turned out to be a $2.4 billion decision.
That’s how much his company lost in market value yesterday after the delay announcement prompted Great Wall shares to plunge 12 percent, the most in five years, in Hong Kong trading. Wei’s personal net worth fell by $51 million to $6.9 billion, putting Hyundai Motor Co. Chairman Chung Mong Koo within striking distance of becoming Asia’s wealthiest car executive at $6.7 billion, according to the Bloomberg Billionaires Index.