CP to unveil Thai-made car in 2014

BANGKOK, July 13 (TNA) - The Charoen Pokphand Group (CP Group), well-known as Thailand's largest agro-industrial conglomerate, plans to introduce MG cars series to the Thai market in the fourth quarter of 2014. According to CP Group Vice Chair Thanakorn Seriburi, his CP Group has formed a joint venture with Shanghai Automotive Industry Cooperation (SAIC) in setting up the SAIC-CP-Motor manufacturing facility for Morris Garages (MG) cars with a total investment fund of 10 billion baht initially. Thanakorn said that the joint venture, in which the CP group owns a 49-per cent-stake, is located in Hemaraj Eastern Seaboard in Thailand's eastern Rayong province, and that the plant was set to first manufacture 50,000 right-hand MG cars, in three models namely MG6, MG5 and MG3, during its first phase for sales in Thailand. Thanakorn acknowledged the plant will then increase its annual production to 200,000 units annually within 10 years for both domestic and overseas markets, including Australia, New Zealand and other right-hand driving countries. Thanakorn told journalists that his CP Group has decided to partner with the China-based SAIC due to foreseen bright prospect for the auto industry in Thailand, a country which has potential to become a regional auto-part manufacturing hub. The SAIC bought the British MG brand in 2007. The Birmingham-based company develops and designs car models and employs technologies in car manufacturing similar to other well-known British car makers, like Jaguar and Land Rover. (TNA)