- GWM is scouting locations for its first European plant, aiming to achieve an annual production capacity of 300,000 cars in Europe by 2029, Reuters reported.
- GWM teams are evaluating potential sites across multiple countries including Spain and Hungary.
GWM (HKG: 2333, SHA: 601633) reportedly plans to build a factory in Europe to further advance its overseas expansion.
The Chinese automaker is scouting locations for its first European vehicle plant, aiming to achieve an annual production capacity of 300,000 vehicles in Europe by 2029, Reuters reported today, citing Parker Shi, president of GWM International.
Shi said that GWM teams are evaluating potential sites in multiple countries including Spain and Hungary.
This marks the first update to GWM's European production plans since 2023. The report noted that in 2023, GWM president Mu Feng had indicated the company had ambitious plans for the region and had begun factory site selection.
Labor and logistics costs are among the factors influencing the location choice, as GWM will initially need to ship components to the target market for assembly, Shi said.
All business plans must be workable; otherwise, it would be very difficult for GWM, as this is going to be a huge investment for a long term, he said.
Since joining Great Wall Motors in 2002, Shi has consistently focused on international markets, Reuters noted.
As competition intensifies in China's domestic market, local automakers have ramped up overseas expansion in recent years.
GWM's Brazilian plant commenced operations this August, while it also has overseas factory projects in Uzbekistan, Russia, Thailand, Vietnam, and Malaysia.
Domestic peer BYD (HKG: 1211, OTCMKTS: BYDDY) is constructing European plants in Hungary and Turkey. Last month, Reuters reported that BYD is considering establishing a third European car plant in Spain.
