Great Wall Motor Bets on Overseas Markets for Next Growth Wave
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Great Wall Motor Co., the king of sport utility vehicles in China, is feeling the rising heat from competition. After reporting earnings that more than halved last year, it is now turning to potential customers abroad for its next phase of growth.
The Baoding city-based automaker will initially focus on countries such as Russia and those in the Middle East that have similar regulations as China, founder and Chairman Wei Jianjun told reporters in Hong Kong on Monday. The company will build its vehicles in Russia, with a factory capable of rolling out 80,000 vehicles annually set to start operations in 2019, he said. Plans to sell cars in the U.S. starting 2021 are also on the cards, he said.