(Yicai Global) Feb. 17 -- Great Wall Motor's shares rose after the major Chinese spot utility vehicle maker said it will purchase US General Motors's waning factory in the Gulf of Thailand to export more cars to the Association of Southeast Asian Nations markets and Australia. 

Great Wall Motor's stock price [SHA: 601633] climbed 8.28 percent to CNY8.63 this afternoon, its highest in a month. 

The Chinese firm has signed a binding purchase agreement that is expected to be executed by the end of this year, the Baoding-headquartered company said in a statement released yesterday, without disclosing financial details. The deal is pending regulatory approvals.

"With the Thailand facility, Great Wall is able to export cars to the ASEAN countries and Australia," said Vice President Liu Xiangshang.

The Detroit-based firm said yesterday that it is winding down sales, engineering, and design operations in Australia, New Zealand, and Thailand, which means stopping selling Chevrolets in Thailand by the end of 2020. The low usage and output forecast has made the Rayong plant unsustainable, it added.

Since its establishment in 2000, the factory has made nearly 1.4 million vehicles for domestic use and exports. 

GM's shares [NYSE: GM] fell 1.5 percent to USD34.76 on Feb. 14.

Editor: Emmi Laine