Great Wall Motors issues additional shares to fund new energy vehicles
On 10 July, Great Wall Motors issued a private placement plan to raise R34 billion for the research and development, testing and production of new energy vehicles and parts. The plan will see GWM issue 387.0076 million A-shares at R88.19 per share in order to obtain the funds.
New energy vehicles are the future of the automobile. Thanks to a greater emphasis on energy conservation and environmental protection, and increased national policy support, the development of China’s new energy vehicles has been fast tracked.
Based on existing best-selling models, GWM will develop and build a serial vehicle platform, expand its operations into the new energy vehicle business, and produce core parts such as intelligent transmissions, new energy vehicle motors, motor controllers and battery systems.
The manufacturer will also focus its new energy vehicle R & D on the development of state-of-the-art features like IOV, Active Infrared Night Viewing, Adaptive Cruise Control, Automatic Parking, Intelligent Identification and Intelligent Entertainment.
Exciting times await GWM customers as the brand moves into the future with new energy vehicle development.