Connect with us

Business

Great Wall Motor (China) takes over GM factory in Thailand

The Thai production hub will become operational in the first quarter of 2021 with automobile production capacity of 80,000 units per annum.

Avatar

Published

on

Chinese carmaker Great Wall Motor (GWM) hosted a ceremony on November 2nd to celebrate the latest milestone in taking full ownership of Rayong Manufacturing Facility in Thailand.

The facilities belonged to General Motors (GM) and were sold to GWM following GM’s decision to withdraw from Thailand.

GWM’s move to set up its production base in Thailand kicked off in February this year when the company started negotiation with GM to acquire, under a signed binding term sheet, GM Thailand and GM Powertrain Thailand legal entities, which include the Rayong vehicle assembly and powertrain facilities.

GWM prepares to undergo renovations and system upgrades with state-of-the-art machinery and innovative technologies to set up the “Smart Factory” at the global standard. The full ownership of Rayong plant will also strengthen GWM’s international presence in Thailand and ASEAN region. 

The plant in Rayong is remarked as the first full-process vehicle plant in Southeast Asia and it is set to be an important hub for right-hand driving vehicle production in the region. 

Thailand has strong fundamentals as a leader in the automotive industry and GWM sees great potential in the country as it is the largest car manufacturer in Southeast Asia and ranked as the top 10 globally.

Elliot Zhang, President of Great Wall Motor ASEAN and Thailand

The Thai production hub will become operational in the first quarter of 2021 with automobile production capacity of 80,000 units per annum.

In addition to bringing job opportunities to people and growth to the automotive supply chain, the new investment by GWM will contribute to R&D progress in support of Thailand’s automotive industry development and help spur related industries to enable continued growth of the Thai economy at large.

On October 23, Great Wall Motor Company Limited (“GWM”, 2333.HK, 601633.CN) released its financial report for the third quarter of 2020.

The report says that, from July to September 2020, GWM achieved total earnings of RMB 26.21 billion, up by 23.6% YoY and 11.5% MoM, including a net profit of RMB 1.44 billion attributable to the parent company, up by 2.9% YoY and a gross margin of 19%, up by 0.5% YoY, and registered a sales volume of 286,000 vehicles, up by 23.9% YoY. The revenue of GWM in the first three quarters totaled RMB 62.14 billion.

Comments

Business

THAI airways to sell training center building to raise more funding

THAI airways has been hit hard by limited travel due to the COVID-19 pandemic, which comes as they were entered bankruptcy protection and sit on the verge of liquidation.

Avatar

Published

on

THAI airways is selling its Laksi training center building, in the Bangkhen district of Bangkok, its Nok-Air shares, its Bangkok Aviation Fuel Services (BAFS) shares and Boeing 737- 400 engines, after the bankruptcy court gave the go-ahead to do so.

(more…)
Continue Reading

Banking

Can the Subscription Economy Save Financial Services?

Going back to the pre-Covid “normal” is not an option for financial services. Fortunately, the rise of the subscription economy points towards frontiers of untapped growth for the sector.

Avatar

Published

on

As the world waits for mass vaccination to revive economic activity, general malaise has overtaken the financial services industry (FSI). And things will probably worsen before they get better: US banks are expected to suffer US$318 billion in net loan losses by the end of 2022, according to Deloitte.

(more…)
Continue Reading

Business

How Thailand could Use satellite tech to help farmers in crisis

Without effective global warming policies, the 3.5 million rice farming households in Thailand are bearing the brunt of the climate crisis

Avatar

Published

on

iStock-1020341404.jpg

Ask any Thai rice farmer to describe government assistance when they are hit with natural disasters. Their answers will most likely be the same: Too little, too late.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,634 other subscribers

Trending