Aion, the NEV arm of State-owned GAC, signed a memorandum of understanding for business cooperation with Thai distributor Gold Integrate on Wednesday.

The agreement covers the establishment of an Aion subsidiary in Thailand which will work closely with the country's top automobile distributor to explore the Thai market.

Thailand is the largest automobile manufacturer and exporter in Southeast Asia. It is also the region's largest electric vehicle market, with the EV industry supported by positive government policies such as tax and fee reductions, consumer cash subsidies, and investment support.

Aion said it will bring its cutting-edge technology to Thai consumers, introducing a steady supply of models that have proven highly popular among Chinese and international buyers.

At the same time, future expansion of sales outlets and more localized production will boost local employment and economic growth.

As the strategic core for GAC Group's intelligent new energy vehicles, Aion has built an average annual compound growth rate of over 120 percent in the past five years.

In 2022, its sales volume reached 271,200 vehicles, a year-on-year increase of 126 percent, with annual revenues of 38.7 billion yuan ($5.3bn).

The enterprise has, so far, built six world-class smart pure electric vehicles, including the Aion S, V and Y, all of which have ranked among the global top three of their class in terms of sales.

The Aion LX has a world-class battery range of 1,008km, while the Aion Hyper SSR accelerates from 0 to 100 km per hour in just 1.9 seconds – neck and neck with a Tesla Roadster.