Forex Crisis Hits WMI Car Production

Willowvale Motor Industries, which last year partnered Beijing Automobile International Corporation (BAIC) to assemble vehicles, is failing to meet its initial production targets due to shortage of foreign currency.

In terms of the arrangement with BAIC, WMI targeted initial sales volume of 490 for the period to December 2017, which was expected to rise to 940 units in 2018. The deal would see it assemble 3 000 units by third year. While the WMI has started with pickup truck assembling, plans in the future entail production of other types of vehicles among them sedans and SUVs.

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