(Yicai Global) Jan. 13 -- Great Wall Motor has denied a report saying the Chinese carmaker plans to set up a joint venture with British vehicle brand Land Rover.
A report by National Business Daily said that the pair will establish a JV, citing an unidentified insider at the Hebei province-based vehicle manufacturer.
A catalog of Great Wall Motor construction projects and products in development was recently circulated online, and it included a chassis product for a vehicle named ‘Great Wall Land Rover.’
Previous market rumors said that Great Wall intended to buy Land Rover back in 2019, but the Chinese firm denied it at the time. Land Rover has been owned by India’s Tata Motors since 2008.
Great Wall tried to buy US car giant General Motors’ Indian business including its Talegaon factory in 2020, but negotiations ground to a halt after India introduced stricter regulations on Chinese investments.
Shares of Great Wall [SHA:601633] closed down 4.4 percent today at CNY45 (USD7.10) apiece.
Editor: Tom Litting