VORONEZH, May 20 (RIA Novosti) – China’s largest sport utility vehicle and pickup manufacturer is planning to build a car plant in Russia’s Tula region, investing up to 18 billion rubles ($521 million) in the project, Tula’s regional government said Tuesday.
“The agreement stipulates the construction of a car plant in the Tula region producing vehicles under the Haval trademark and including a metal-press room, a fabrication shop, a painting shop and an assembly department,” the Tula government said in a statement.
Great Wall Motors earlier announced its plans to set up a plant with an annual capacity of up to 150,000 vehicles over an area of up to 216 hectares.
On Tuesday, the Great Wall Motor Company Limited and the Tula government signed a cooperation agreement paving the way for the construction of the car plant.
According to Tula Governor Vladimir Gruzdev, the building of a new plant in the region will create up to 2,500 jobs. The implementation of the investment project is due to start in 2014 and the launch of the plant is scheduled for 2017. The full completion of the project is expected in 2020.