China’s Great Wall says will make investments $1.8 bln in Brazil over subsequent decade

China’s Great Wall Motor (601633.SS) stated on Friday it can make investments 11.5 billion yuan ($1.81 billion) over the following decade to construct electrical automobiles in Brazil the place its has taken over a manufacturing unit from Daimler AG.
Baoding-based Great Wall, China’s prime pickup truck maker, stated it deliberate to launch 10 new electrified merchandise inside three years in Brazil, 4 of which will likely be pure electrical automobiles and 6 hybrid. It added that it might introduce the primary product within the fourth quarter of this yr, it added.
The automobiles will likely be constructed from its new manufacturing unit within the metropolis of Iracemapolis in Sao Paulo state, which it formally took over on Thursday.
Great Wall stated it might put the plant into operation within the second half of subsequent yr, and that it anticipated it to provide 100,000 models a yr and create 2,000 native jobs.
Daimler offered the previous Mercedes Benz manufacturing unit to Great Wall for an undisclosed sum final August in a deal that marked the Chinese automaker’s arrival in Latin America’s largest economic system.
Global gross sales are key for Great Wall, which offered 1.28 million automobiles final yr and goals to ship 4 million vehicles a yr in 2025.