Great Wall Motor sees higher exports, Shanghai listing
Updated: 2008-03-13 17:06
Great Wall Motor Co, China's largest producer of pick-up trucks, expects to sell 55.7 percent more vehicles abroad this year as it looks to the European and North American markets.
Exports would reach about 80,000 units this year, up from 51,394 in 2007, said company chairman Wei Jianjun.
"We will improve the quality of our products, instead of blindly seeking higher sales," he said.
Sales would not be affected by the global economic slowdown as Great Wall vehicles, which were 30 percent to 50 percent cheaper than foreign models, were "obviously competitive," he said.
The company, based in the northern province of Hebei, saw Europe and North America as becoming its major overseas markets over the next five years, he said.
Great Wall had marketing networks in 81 countries as of the end of last year. Major overseas markets included the Middle East, Russia, Africa and Southeast Asia. It also runs assembly plants in Russia, Ukraine, Vietnam and Indonesia.
Wang said that his company, already listed in Hong Kong, planned an initial public offering of A shares in Shanghai in May to fund its expansion. The company said last year that it would issue up to 121.7 million yuan ($17.15 million)-denominated A shares, representing 10 percent of its enlarged share capital.
Great Wall is one of the few Chinese car makers that produce its own models rather than manufacturing foreign brands under license. Its 2007 sales soared 46.5 percent year-on-year to 107,800 vehicles.
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