Charoen Phokpand Group (CP Group) and Foton Motor Group of China have set up a joint venture to produce and market automotive products and technologies in Thailand and the Asean region.
According to a recent press release, the new company aims, in the long term, to support the Thai automobile industry, while contributing to the economy under the government’s “Thailand 4.0” policy.
The official announcement was made at the “2nd Belt and Road Forum for International Cooperation” held on April 25 in Beijing, which drew more than 40 heads of state, while over 5,000 representatives from 150 countries and 90 organisations were also present.
Gong Yue Qiong, president of Foton Motor Group, and Noppadol Chearavanont, vice president for Industrial Businesses at CP Group, signed the contract to set up a joint-venture company for production, sales and marketing automotive technologies.
“The new joint-venture company will receive support from Foton Motor in terms of commercial sales, automotive energy products and production technology, as well as onboard communications systems technology,” Noppadol said.
“Meanwhile, CP Group will be responsible for establishing customer relations, financing and creating an impressive experience for target customers regarding midsized trucks, heavy trucks, light-duty trucks, buses and modern passenger cars,” he added.
Both companies will contribute to further investment in the production of various Foton models such as the Auman and Aumark, and AUV buses for the Asean market.