China’s Great Wall Motor Closes European HQ and Lays Off 100 Workers

(Bloomberg) — Chinese carmaker Great Wall Motor Co Ltd. plans to close its European headquarters in Munich in August and lay off about 100 workers.

The company, one of the largest independent auto manufacturers in China, is adjusting its European strategy as the electric vehicle (EV) market there becomes more challenging, it said in a statement on its website on May 31. About 100 members of its European staff will be let go, a company representative said on Monday.