Beijing (ZXZC)- At the “Belt and Road CEO Conference” on October 17, Chinese automaker Changan Automobile signed an agreent with the Thailand Board of Investment to invest 8.8 billion Thai Baht (approximately 1.77 billion yuan) in the construction of a new energy vehicle production factory in Thailand. 

Signing ceremony; photo credit:  Changan Automobile

The first phase of the project will have a designed production capacity of up to 100,000 vehicles.

On the same day, the Secretary-General of the Thailand Board of Investment, Nalinee Taveesin, presented the investment certificate for the Changan Automobile Thailand production base project to Changan Automobile’s Chairman Zhu Huarong.

Certificate presentation; photo credit: Changan Automobile

Changan's investment plan is aimed at meeting the rapid growth in demand for electric vehicles in the Thai and ASEAN markets. The factory planned by Changan will be located in Zone 4 of the WHA Eastern Seaboard Industrial Estate (WHA ESIE 1) in Pluak Daeng District, Rayong Province, covering an area of approximately 600 mu (0.4 square kilometers). The first phase of the design production capacity is set at 100,000 vehicles, with provisions for future expansion.

Zhu Huarong stated that Thailand is an important and long-term strategic base for Changan Automobile. Changan highly appreciates the preferential policies provided by the Thai government for the Changan Automobile Thailand production base investment project. With the support of the Thailand Board of Investment, Changan will introduce its advantageous resources to Thailand, aiming to achieve mutual development and accelerate the electrification of Thailand's automotive industry.