CHINA: Great Wall forms Tatarstan JV
Chinese vehicle manufacturer Great Wall Motor Co. has formed a joint venture with a government institution of the Republic of Tatarstan, the Russian Federation, to make and sell cars and automobile parts.
Hong Kong-listed Great Wall Motor said it holds a 75% stake in the joint venture, called Great Wall Alabuga Motor Open Joint Stock Co. The Land and Property Management Authority of the Republic of Tatarstan holds the remainder.
Great Wall said its maximum capital commitment to the joint venture is CNY91.4m in the form of cash and granting of trademarks. It said it will finance the CNY54.8m cash portion of its capital contribution from internal resources.
The joint venture's plant, located in Tatarstan's Elabuga City, will start operating this year with a planned annual production capacity of 50,000 vehicles.