Headquartered in China, $GREATWALL MOTOR(02333)$ is China’s top homegrown SUV maker. In April 2022, GWM reported a 41% plunge in April sales as a result of China’s zero-covid policy which drove some heavily populated cities to be under lockdown and the economy to come to a standstill.
In March, United Overseas Bank (UOB) announced their collaboration with GWM to expand its business to the ASEAN region, by supporting the company with local funding and market advisory services seamlessly and quickly. Expanding to the ASEAN region would be beneficial to the company as the ASEAN market is of key importance due to the region’s potential and rising demand in green vehicles.
As of the end of May, GWM has begun expanding its business in some major parts of Thailand and is the base for GWM's first smart factory in Southeast Asia, which was built in a move to boost sales in international markets.
GWM is also looking at expanding to other countries such as India, in addition to their existing Egyptian and Russian markets, with historical evidence showing that overseas market performance was excellent. This expansion can greatly boost GWM's revenue, especially during a time of uncertainty for China during the COVID-19 pandemic, as gives GWM another source of revenue during lockdowns in China.
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