Suspending expansion, Great Wall Motors will close European headquarters
Hawk_Finance
2024-05-31 16:47:01
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Great Wall Motors' European headquarters in Munich, Germany, plans to close at the end of August under the dual pressure of slowing growth in electric vehicles in the European market and policy uncertainty.
Great Wall Motor's European business will be handed over to the Chinese department. Currently, 100 employees have received notices of dismissal. Great Wall's previous market expansion plan to expand to eight new countries in Europe will be temporarily shelved.
According to data from European market research organization Dataforce, Great Wall Motors' sales in the European market in the first four months of this year were 1,621 units. Although the year-on-year growth rate reached 147%, the overall scale of the European market is still small.
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