Dec. 5, 2012 (China Knowledge) - SAIC Motor Corp Ltd<600104
>, China's No.1 carmaker, has announced it will set up a auto JV with Chai Tai Group, a well-known multinational company, found by Thai Chinese, in Thailand to produce and sales MG brand vehicles for ASEAN countries, source reported.
The JV will have an initial investment of RMB 1.8 billion. SAIC Motor Corp will hold a 51% stake in the JV, while Chai Tai Group will hold the remaining 49% stake.
With an annual output capacity of 50,000 units, the new JV will launch its products in 2014 and the company aims to enlarge its capacity to 200,000 units per year in future.
In the first ten month of this year, SAIC Motor Corp sold a total of 3.72 million vehicles in China, reflecting a YoY increase of 11.96%. The Chinese automaker expected to sell 4.4 million vehicles this year.