CP, China to jointly produce MG cars in Thailand

BANGKOK, September 17 (TNA) - Charoen Pokphand Group (CP), Thailand's most established ago-industrial conglomerate, and China have agreed to jointly produce automobiles with right-sided steering wheels of the long-standing British “MG” brand in Rayong province in the Thai East. Nopadol Chiaravanont, CP’s Board Vice Chairman for Automotive Industry, told journalists on Tuesday that CP has concluded a joint venture deal with China-based Shanghai Automotive Industry Corporation to produce the MG cars, with its initial production capacity set at 50,000 units annually for domestic sales starting early next year. Nopadol noted that the production capacity of the new auto plant will then be raised to 200,000 units annually for exports. According to the CP's board vice chair, the British “MG” brand cars produced by the CP-China joint venture will be introduced at the upcoming Motor Expo 2013. Thanakorn Seriburi, another CP's board vice chairman, acknowledged that the immense Chinese economy remains strong and although many parties saw a slowdown in China's economic growth to about 7 per cent from 13 per cent, it resulted from the Chinese government's own revision of the growth rate. Thanakorn suggested that China's central and western regions, including Chengdu, Luoyang, Zhongyuan, Xiamen and Xi’an, are interesting destinations for future investment and CP has planned to expand its investment projects in China's agricultural sector, as his company has foreseen expanding businesses over the next 5-10 years. (TNA)