According to Reuters, Great Wall Motors’ $1 billion investment plan in India has been forced to shelve. The investment did not receive regulatory approvals from the Indian authorities, and Great Wall has already dismissed its relevant employees in India.
Great Wall’s statement did not directly say “withdrawal”, but instead said: “Great Wall Motors appreciates the contributions of all members of the Indian team” and added that “Great Wall Motors will continue to study the Indian market and seek future opportunities”.
Great Wall’s India development plan was announced in January 2020, when Great Wall Motors stated that India was an important part of Great Wall’s global expansion plan. At that time, Great Wall also planned to build the largest factory in India, except for China.
Sources said that Great Wall dismissed more than a dozen Indian employees of the company on Friday and told them that Great Wall had failed to obtain the government’s approval for foreign direct investment and could not purchase the former General Motors factory in India.
Great Wall’s patience in India has been decreasing. In August last year, Great Wall allocated part of the $1 billion investment in India to Brazil and sent some relevant employees there.
Great Wall Motors said that its R&D center located in Bangalore, a southern city in India, is still operating normally.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.