BUSINESS

Chinese company to manufacture the cheapest car of Europe, in Bulgaria

Chinese company ‘Great Wall’, which signed at the end of 2009 a collaboration agreement with the Bulgarians of Litex Motors, seems very close to starting the production in its new plant south of the Danube, Realitatea.net reports. According to Bulgarian press agency Novinite, before the end of the year the plant operated by Great Wall will start assembling three types of vehicles – a supermini called Voleex C10, the Hover H5 SUV, and a pickup named Steed. Although the manufacturer has not disclosed the prices of the three models yet, Bulgarian press claims Voleex C10 will be the cheapest new automobile sold in the European Union. Novinite quotes anonymous sources as saying that the B-class hatchback will cost 12,500 Lev (VAT included), equivalent to less than EUR 6,400. The cheapest version of Dacia Logan sells at EUR 6,500.The Chinese investment in Bulgaria amounts to EUR 80 M, and Great Wall promises it could reach EUR 300 M in the coming years, if the project is successful.

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