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SAIC to Build MGs in Thailand
China's SAIC Motor Corp. has agreed to create a joint venture with Bangkok-based conglomerate Charoen Pokphand Group to produce cars under the MG brand in Thailand for southeast Asian markets.
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China's SAIC Motor Corp. has agreed to create a joint venture with Bangkok-based conglomerate Charoen Pokphand Group to produce cars under the MG brand in Thailand for southeast Asian markets.
The venture aims open a plant in 2014 with initial annual capacity of 50,000 units, which would eventually increase to 200,000 units.
The partners say they will invest 1.8 billion yuan ($287 million) in the venture. SAIC will hold a 51% stake, and CP Group will own the balance.
SAIC acquired the MG brand when it merged with Nanjing Automobile Group Corp. in 2007. The Shanghai company currently builds MG models in China and assembles them from kits in England.