Great Wall Motor refutes report on investment shift from India to Brazil
Published: Aug 11, 2021 11:34 PM
Great Wall Motor Photo: VCG

Great Wall Motor Photo: VCG

 Chinese carmaker Great Wall Motor refuted a report from Reuters saying that the company decided to relocate some of its $1-billion investment in India to Brazil. 

"We will invest in India as always, covering the whole supply chain including research, manufacturing, and sales," Fu Xiaokang, Deputy President of the company told the Global Times on Wednesday, stressing that India remains one of the markets across the globe with most potential. 

The company had said it would acquire a former General Motors factory in India and a Daimler plant in Brazil. Both projects are currently underway. 

Citing unnamed sources, Reuters said in an exclusive report on Tuesday that the carmaker has decided the relocate some of its investment due to the long delay to get approval from the Indian government.

In July, the company sold 88,900 vehicles, including 7,251 new energy vehicles (NEVs), which represent a 20.74 percent year-on-year growth.

According to the carmaker's latest strategy, it plans to reach annual sales of 4 million vehicles by 2025, with 80 percent of them being NEVs, sending its total revenue to more than 600 billion yuan ($92.62 billion).

The company vowed to spend 100 billion yuan on research and development within the next five years.

Global Times