Great Wall Motor has said it would build a car plant in Russia with annual capacity of 150,000 vehicles.
Citing a statement to the Hong Kong exchange on Monday, the Wall Street Journal reported the automaker would enter into an agreement Tuesday with the government of Tula Oblast and the Tula Oblast Public-Private Partnership Development group, that will pave the way for it to build the factory, a wholly owned subsidiary of Great Wall Motor.
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Tula Oblast is located south of Moscow.
According to the WSJ, Great Wall said first phase spending would be around CNY2.1bn (aboutUS$340m). The company reportedly said it would build a second phase depending on commercial performance of the project with total spend reaching CNY3.2bn.
