Great Wall Motor sees net profit grow 50% in 2009

(chinatrucks.com, Feb.02, 2010)Chinese auto maker Great Wall Motor Co Ltd<2333> said on Thursday its net profit in 2009 is expected to grow by more than 50% boosted by strong sales.

The auto maker earlier reported a net profit of RMB 513 million for 2008.

Reportedly, Great Wall Motor had signed a cooperation agreement with its promoter in Russia to invest about US$5 million to build a modernized factory, with an expected annual production capacity of 50,000 sedans in the country.

It plans to sell some of the cars made at the plant in Russia but also plans to export cars from Russia to various countries in Europe.

In the first half year of 2009, Great Wall Motor sold 1,496 cars in Russia, 72% less than in the corresponding period of 2008.

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