Great Wall Motor to build Russia factory

China’s Great Wall Motor (2333.HKG, 601633.SHA) plans to build a car factory in Russia capable of producing up to 150,000 vehicles a year, The Wall Street Journal reported, citing a Monday statement by the company to the Hong Kong exchange. The automaker will invest an initial US$340 million (RMB2.1 billion) to establish a production base in the Tula Oblast area, south of Moscow. A second phase would be added if the first phase proved viable, bringing total investment to US$518 million. Great Wall will wholly own the new facility.