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The Great Wall Motor Co as announced that it will join with Litex Motors from Bulgaria and will start producing vehicles in a factory in Lovech, Bulgaria.
Great Wall Motors is China’s biggest auto maker and has signed a partnership agreement with Litex Commerce from Bulgaria. The signing on 15th October was watched by the Bulgarian PM Boiko Borrisov. the prime minister stated that this would be a major Bulgarian investment and a significant benefit to the Bulgarian economy.
The overall annual production from the factory is estimated at 50,000 units and 4 different models are planned including – an SUV, a pickup and two standard car versions.
Over 80M euro will be investing at start up with the total investment being 300 M euro if the project goes according to plan. The vehicles will be branded under the Great Wall label and will boost the firms production from approx. 400,000 unit at the moment.
The investment in Bulgaria is a major coup for countries econmoy, which currently doesn’t produce any motor vehicles. It does however have a very profitable auto components industry.
The factory will focus on exporting to Europe and the Middle East which are expected to be to be rapidy expanding markets for these types of cars.