Who is the best-selling Chinese automaker overseas? Most people might say SAIC, BYD, or Geely. However, from the perspective of a single brand, Chery is undoubtedly the “king of overseas markets.”
Data shows that in 2023, Chery Group’s annual sales reached 1.8813 million vehicles, a year-on-year increase of 52.6%, ranking just below BYD and Changan among domestic brands. Of particular note is Chery Automobile‘s performance in overseas markets, with exports reaching 937,100 vehicles, a year-on-year increase of 101%, far exceeding the industry average growth rate.
Recently, Chery announced their next move in the Thai market.
Chery in Thailand
Chery has announced plans to establish a new electric vehicle assembly plant in Rayong, Thailand, with completion and official operation slated for 2025. This new electric vehicle assembly plant will be regarded by Chery as a production hub for right-hand drive models in the Southeast Asian region. Additionally, it will export vehicles to markets beyond Southeast Asia, including Australia, neighboring Pacific island nations, and Middle Eastern countries.
According to Thai media citing Chery International’s Vice President for the Southeast Asia Region, Mr. Qi Jie, Chery plans to divide the factory establishment plan into two phases. The first phase is expected to commence in 2025 with an estimated annual production capacity of 50,000 vehicles, while the second phase aims to expand the production lines to reach an annual capacity of 80,000 vehicles by 2028.
Mr. Qi also mentioned that 70% of the production at this electric vehicle assembly plant will be dedicated to Chery’s own brand, including electric vehicles from its subsidiary brand Omoda. The remaining 30% of production will be allocated to produce plug-in hybrid electric vehicles (PHEVs) from another Chery subsidiary brand, Jaecoo.
Incentive policies of the Thai government
The Thai government has introduced an electric vehicle subsidy policy called EV3.5 to promote the widespread adoption of electric vehicles in the country. Under this policy, the Thai government will waive import duties and domestic taxes on electric vehicles from 2024 to 2027. Chery has explicitly stated that this move by the Thai government will effectively drive the development of the electric vehicle sector in the country. It is also one of the reasons that prompted Chery to establish a factory locally.
