Chengdu, China, 12 Oct – China’s Great Wall Motor Company is preparing a “big investment” in a project to build a car factory in Brazil, the company’s chairman, Wang Fengying said in Chengdu, according to financial news agency Bloomberg.
The announcement was made during a meeting on the automotive sector in Chengdu, although Wang Fengying gave no more details about the investment in Brazil.
The Chinese company has been planning to enter the Chinese company for a several years and now plans to build a factory to overcome the Brazilian government’s decision to increase taxes on Industrialised Products on cars that are not 65 percent Brazilian made.
According to the Brazilian press, the Great Wall Motor Company had been negotiating with Brazilian group Caoa (the acronym of the name of its founder and current chairman, Carlos Alberto de Oliveira Andrade) to have an official representative in Brazil.
In the last few days Chinese companies JAC and Chery also announced they planned to build car factories in Brazil. (macauhub)