In São Paulo, Brazil, August 18, 2021. Great Wall Motor Company Limited (GWM) and Daimler Group officially signed the purchase agreement on the acquisition of the Iracemápolis plant in Brazil.
According to the purchase agreement signed by both parties, Daimler's Iracemápolis plant in Brazil, including land, plant, machinery and equipment, will be handed over to GWM. This transaction is a pure asset transaction and does not involve the transfer of personnel.
GWM representative Mr. Meng Xiangjun, President of GWM stated that this transaction will accelerate the development and strategic implementation of GWM in South America and further promote GWM's transformation into a global technology company focusing on providing mobility solutions.
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GWM representative Mr. Liu Xiangshang, Vice president of GWM also stated, “Brazil is the largest and most populous country in South America, as well as its economic strength. Its automobile sales rank among the top seven worldwide, and the automobile market has great potential. Brazil is one of the most important overseas strategic markets for GWM, and we are committed to studying local consumer preferences and the development, changes of the automobile market. GWM’s investment will bring local users a smart, safe and high-end travel experience. It will also create more direct or indirect jobs for local communities, while stimulating the development of local supply chain, R&D and related industries, and promoting the further transformation and upgrading of the local industrial structure to better serve the Brazilian government by contributing more profits and taxes."
After GWM acquired Iracemápolis plant in Brazil, it wscill be introduced advanced production, quality management, environmental protection, and digitalization management philosophy in accordance with GWM’s global manufacturing standards and build the plant into one of the global intelligent production bases to cover both Brazil domestic market and the rest of South America.
The closing of transaction is expected to be completed before the end of 2021. The annual production capacity of the factory after updated will reach 100,000 vehicles, which will create nearly 2,000 local jobs.
Source: Great Wall Motor Co., Ltd.
Date: Aug 18, 2021
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