Chinese automobile manufacturer Great Wall Motor (GWM), which sells cars under the Haval brand in Russia, will start engine assembly near Tula. writes about this Interfax.
The interlocutor of the publication said, “Today, the internal combustion engine production facility with a volume of 1.5 and 2 liters has become operational.”
Production is located on the site of an existing facility in the Uzlovaya industrial park. The launch was originally planned for 2022 but the plans fell through. The facility is expected to provide engine production and assembly for more than 90% of Haval vehicles in Russia.
GWM’s Russian subsidiary Haveil Motor Manufacturing Rus signed a special investment agreement on the localization of production with the Ministry of Industry and Trade of the Russian Federation in 2020. The Chinese company expected to localize more than 80% of production in Russia by 2026.
Sales of Haval cars in Russia increased 2.3 times to 111.7 thousand units by the end of 2023. The brand’s market share in the country currently stands at 10.55%.
Before that Russians warned about the imminent increase in the price of foreign cars.
Previously “Megamarket” started online car sales.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.