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Chinese Car Factory to Open in Bulgaria's Lovech by End of 2010
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Bulgaria's former Prime Minster, Sergey Stanishev, broke the ground of the Great Wall car factory near the city of Lovech in May 2009. Photo by Ministries Council
A Chinese car factory is supposed to start operating by the end of 2010 in the northern Bulgarian city of Lovech.
The Bulgarian company Litex Motors, owned by tycoon Grisha Ganchev, and the Chinese company Great Wall are going ahead with their joint venture, the Xynhua agency has reported. The investment in the new factory is going to be about EUR 80 M.
The deal with the Chinese car manufacturer is seen as a big opportunity for Bulgaria to prove that it has what it takes for large scale investments in fields such as car manufacturing.
The Xynhua news agency reminds that one such attempt has already failed in Bulgaria after in the mid 1990s Rover set up a joint venture with the Bulgarian Daru Group in Varna, which failed because of a weak market strategy, high prices, and a stronger competitor in the face of Skoda.
The factory in Varna operated in 1995-1996, and produced a total of 2 200 Rover Maestro cars.
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