SAIC sets up JV with Chia Tai
By Lu Nengneng |
December 5, 2012, Wednesday
|
Print Edition
Print Edition
SAIC Motor Corporation Limited said yesterday it has teamed up with Thailand-based Chia Tai Group to set up a joint-venture in the country to crack the Southeast Asia market.
The joint venture, in which SAIC holds 51 percent, will produce MG models. SAIC is banking on the MG to help it expand overseas by taking advantage of the brand's British origin.
With an initial investment of 1.8 billion yuan (US$289.08 million), the new company is expected to roll out its first car in 2014 and initially produce 50,000 units annually.
Production capacity can eventually be increased to 200,000 units, SAIC said.
The joint venture, in which SAIC holds 51 percent, will produce MG models. SAIC is banking on the MG to help it expand overseas by taking advantage of the brand's British origin.
With an initial investment of 1.8 billion yuan (US$289.08 million), the new company is expected to roll out its first car in 2014 and initially produce 50,000 units annually.
Production capacity can eventually be increased to 200,000 units, SAIC said.
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