GWLLY Great Wall Motor Company Ltd (PK)

By Jiahui Huang

Great Wall Motor has become the first company to formally respond to a European antisubsidy investigation into China's electric-vehicle makers, and is pressing forward with plans to open a factory in the region as it seeks to expand overseas.

"We need an open and fair trade environment," Mu Feng, the company's president, wrote in a Chinese-language post on his Weibo social media account on Monday. He said the company was the first to respond to investigators when it submitted responses to the European Commission on Oct. 11.

He added that Great Wall Motor considers Europe a strategic market, and is seeking to speed up choosing the location of its first factory in the region.

"The journey of Chinese automakers going global may have its challenges, but we remain resolute and will accelerate our efforts for overseas expansion," he wrote.

The European Union last month announced the anti-subsidy probe, reflecting concerns in the bloc about the impact of low-priced products from China on domestic industries.

Great Wall Motor has been seeking to expand its overseas footprint amid lackluster industry sales growth in China. January-September retail sales of passenger cars in the world's second largest economy rose 2.4% on year, according to the China Passenger Car Association.

Great Wall Motor's total exports in the same period rose 89% on year to more than 211,000 vehicles.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

October 24, 2023 04:21 ET (08:21 GMT)

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