China's Great Wall Motor is set to close its European headquarters in Munich on August 1, resulting in the layoff of all 100 employees, including the management team. The decision follows disappointing electric vehicle sales in Europe, the continent's largest auto market. The company will also halt its expansion plans to Austria. Additionally, shares of Great Wall Motor have tumbled by over 10% in Hong Kong and 3.6% in mainland China, as the carmaker recorded a 9.5% year-on-year decline in May sales. The move comes amid tariff hikes in the EU for Chinese electric vehicle makers, although the company's exit is attributed more to its lack of appeal in the European market. Nikkei reports that Great Wall Motor is adjusting its European strategy.
China’s Great Wall Motor to close European headquarters, cut 100 jobs https://t.co/oBJOYu2URC
With China’s electric vehicle makers facing tariff hikes in the EU, Great Wall Motors said this past weekend it would close its European headquarters. But the exit has more to do with Great Wall’s lack of appeal than it does with tariffs. https://t.co/Hqwl488BpT
Shares of Great Wall Motor tumbled by over 10% in Hong Kong and 3.6% in the mainland China, as the carmaker recorded a 9.5% y/y decline in May sales. Great Wall Motor planned to shutter its European headquarters in Munich in August and lay off about 100 workers. https://t.co/KoYOPyan39
Chinese carmaker Great Wall Motor Co Ltd. plans to close its European headquarters in Munich in August and lay off about 100 workers as it adjusts its European strategy https://t.co/TrCoh6vy8c
Chinese carmaker Great Wall Motor Co Ltd. plans to shutter its European headquarters in Munich in August and lay off about 100 workers https://t.co/Vme7o6vtcd
China's Great Wall Motor shuts Europe headquarters, fires all staff, Nikkei reports https://t.co/DHPeycrxTx
🟥❓ Great Wall Motor is closing its European headquarters in Munich on Aug. 1 and laying off all 100 employees, including the management team, after disappointing electric vehicle sales in the continent's biggest auto market. Source: Nikkei Asia https://t.co/tcaDuzQbGd
Great Wall Motor is closing its European headquarters in Munich on Aug. 1 and laying off all 100 employees, including the management team, after disappointing electric vehicle sales in the continent's biggest auto market. It will also halt plans to expand to Austria and…
China's Great Wall Motor shuts Europe headquarters, fires all staff: sources https://t.co/Aq3tIl1SS0
NIKKEI: China's Great Wall Motor shuts Europe headquarters, fires all staff: sources $GWLLY?