Market Chatter: Great Wall Motor Eyes Production of 300,000 Units by 2029 in Europe

MT Newswires Live11-26

Great Wall Motor Company (SHA:601633, HKG:2333) is looking to produce 300,000 vehicles by 2029 in Europe, Reuters reported Wednesday, citing GWM International President Parker Shi.

The Chinese car manufacturer is scouting areas in Spain and Hungary for its European factory, the report said.

GWM will also need to consider labor and logistics costs for the selection of its European production base, as well as industrial policies in the E.U., the report said.

The company is looking to achieve overseas sales of 1 million units annually by 2030, according to Reuters.

Shares jumped nearly 1% in Hong Kong during afternoon trading on Wednesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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