China Geely Automobile plans to expand its production and set up automobile assembly plants in Vietnam, as part of a series of investment commitments worth nearly $ 170 million (nearly 220 million yuan).
Geely Automobile issued an announcement on Tuesday (September 24) that Geely Motors will jointly build a factory in Vietnam with Tasco Joint Stock Company in Hanoi, with an annual output of 75,000 cars.Geely Automobile will also invest in the construction of a local supply chain and establish a car R & D center.
Announcement stated that the total investment of the project may be about 168 million US dollars, of which Geely will invest 36 %, and the rest are from TASCO.
According to the Voice of Vietnamese Broadcasting Corporation of Vietnam, Geely Automobile CEO 淦 <<<<(23rd) Overview of the construction assembly plant during the meeting with Vietnamese Deputy Prime Minister Chen Honghe in Hanoi.
After the European Union, the United States and Canada have announced their tariffs on Chinese electric vehicles, a number of Chinese automakers planned to build a plant overseas to avoid taxes.People familiar with the matter revealed that the Chinese government strongly requires these car companies to ensure that advanced electric vehicle technology stays in China.
Bloomberg reported on September 12 that people familiar with the matter reported that the Ministry of Commerce China held a meeting with more than a dozen domestic auto manufacturers in July to encourage them to assemble and assemble suits to overseas factories.This means that the key components of the car will be produced in the country, and then they are sent to the destination market for final assembly.
These car manufacturers are also told that they should not make any investment related to automobiles in India.Automotive manufacturers planned to invest in Turkey must first notify the Ministry of Industry and Information Technology of the Chinese Electric Vehicle Industry and the Chinese Embassy in Turkey.
Chinese electric vehicle giant BYD signed a $ 1 billion investment agreement with the Turkish government in early July this year to build a factory with an annual output of 150,000 electric vehicles in Turkey, and it is expected to be put into production by the end of 2026.BYD and another Chinese car company Chery Motor also set up an electric vehicle factory in Thailand.
