By Greg Gao
(JW Insights) Sep 1 -- China’s auto manufacturer Changan Automobile set up a subsidiary in Thailand recently to produce electric vehicles(EVs) there. It aims to commence sales by the end of the year, JW Insights learned.
Based in Chongqing City in southwestern China, Changan Automobile will invest 8.8 billion Thai Baht ( $252 million) for the modern EV production base. The project's first phase will have an annual production capacity of 100,000 vehicles, with the second phase aimed at 200,000 cars per year. In addition to meeting demand in Thailand, the company plans to export cars to global markets, including Australia, New Zealand, the United Kingdom, and South Africa.
Thailand's government has introduced a series of industry policies, such as tax reductions, cash subsidies, and investment incentives, attracting numerous automotive companies, including Changan Automobile, to invest in the country.
In April of this year, Changan Automobile announced its overseas expansion strategy, outlining its goals by 2030, including $10 billion in overseas market investments, annual sales of over 1.2 million vehicles, and employing more than 10,000 personnel for overseas operations. Additionally, Changan Automobile aims to launch two globally successful models with shipments exceeding 500,000 units each by 2030.
