Chinese auto makers eye growing Russian market
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Chinese auto manufacturers are eyeing opportunities in Russia as that country witnesses a recovery in its domestic auto market, an industry insider said Tuesday at a major auto show in northeast China.
Fu Jianguang, district manager of the Great Wall Motor Company Limited, said that Russia is considered one of the most important overseas markets for Great Wall Motor and will continue to be so in the future. Fu made his remarks during the ongoing at the 7th Changchun International Auto Expo.
Great Wall Motor sold nearly 30,000 vehicles abroad in the first half of 2010, up 51 percent from a year earlier, according to Fu.
"Sales are rising in Russia this year," he said, attributing the rise not only to a market recovery, but also the release of new models which have received EU approval to be sold in the European market.
Besides Great Wall Motor, other Chinese local brands, such as Chery and BYD Auto, are being positioned for sales in Russia.
Chinese vehicle and battery maker BYD Auto announced earlier this year that it has established strategic partnerships with Russian auto manufacturer Tag AZ and will begin manufacturing BYD's F3 model in Russia this summer.
Analysts at the Expo also pointed out that it is of great significance for China's auto makers to seek a larger market share in Russia, as Russia is expected to become a growth engine for the European auto market.
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