Updated April 22nd, 2024 at 08:44 IST

Global automotive brand Cherry invests in Thailand

Chery's decision to invest in Thailand highlights the country's growing significance as a hub for automotive manufacturing and innovation in the region.

Reported by: Business Desk
EU automotive industry | Image:Unsplash
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Cherry invests: Chery Automobile, a prominent player in the global automotive industry, is set to make significant inroads into the Southeast Asian market with its latest strategic move. The company has announced plans to establish a state-of-the-art manufacturing facility in Thailand, as disclosed by the Thai Board of Investment. 

With production slated to commence in 2025, Chery's facility is projected to churn out an impressive 50,000 electric and hybrid vehicles in its initial phase. By 2028, the company aims to ramp up production to 80,000 units, demonstrating a firm commitment to meeting the region's burgeoning demand for sustainable transportation solutions.

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Chery's decision to invest in Thailand highlights the country's growing significance as a hub for automotive manufacturing and innovation in the region. Chery is poised to capitalise on emerging opportunities and strengthen its foothold in Southeast Asia by leveraging Thailand's strategic location, robust infrastructure, and skilled workforce.

Beyond the immediate business implications, Chery's expansion holds promise for broader economic benefits. Establishing the manufacturing facility is expected to generate employment opportunities, stimulate local industry growth, and foster technology transfer and knowledge exchange.

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With Reuters Inputs

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Published April 22nd, 2024 at 08:44 IST