China
GM sells Thai factory to Chinese automaker GWM
After 20 years of operation in Thailand, General Motors will cease its activities, and resell its factory to the Chinese manufacturer Great Wall Motors
General Motors (GM) announced it will stop selling Chevrolet vehicles in Thailand and sell its Rayong plant to Great Wall Motors (GWM) by the end of this year.
GM entered Thailand in 2000 with a vehicle assembly plant with an annual production capacity of 180,000 units and a powertrain plant with an annual capacity of 120,000 units — with a combined investment of US$1.4 billion.
The Rayong plant has produced nearly 1.4 million vehicles since it opened in 2000.
China’s leading sport utility vehicle (SUV) and pickup maker Great Wall Motors on Monday said it will purchase General Motors’ Rayong car production facility in Thailand.
Based in the city of Baoding, in the Hebei province, in the north of China, the company Great Wall Motors owns several brands of SUVs and cars like Haval, Great Wall, WEY and ORA. With more than 500 branches abroad, its vehicles are exported to more than 60 countries.
Economics
China’s new three-child policy highlights risks of aging across emerging Asia
Thailand’s (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster increase than China’s – which will pressure public and private savings through higher taxes and social spending, reducing innovation and productivity gains.
Population aging in China (A1 stable) and other emerging markets in Asia will hurt economic growth, competitiveness and fiscal revenue, unless productivity gains accelerate, according to a new report by Moody’s Investors Service.
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Compounding the fallout of the US–China trade war, the global pandemic and recession have caused considerable speculation on the future of foreign investment and global value chains (GVCs). But though there is likely to be some permanent change, it will probably not be as great as politicians expect.
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