(Yicai Global) May 28 -- State-owned carmaker Chongqing Changan Automobile Co. has opened its first store in Moscow as it looks to ramp up expansion plans in the world's biggest country.
Russia is one of Changan's most important overseas markets and the firm plans to set up 10 stores there within five years, state-owned news agency Xinhua cited Vice President Gong Bing as saying at the dealership's opening ceremony. The company, which previously only supplied vehicles to local dealers, has plans for at least 40 more.
Changan is one of China's leading automakers and sold 845,000 vehicles from January through April. It registered its first wholly-owned subsidiary in Russia in 2013 and now has 16 production bases and 35 full-vehicle and engine factories across 10 overseas markets, Gong added. It plans to inject more capital into the Russian unit this year to enhance its presence in the local market.
Editor: James Boynton