Posted on 11 Mar 2024
Chinese automaker Beijing Automotive Group (BAIC) plans to establish a new energy vehicle factory at Goyang’s free economic zone in South Korea, Kallanish learns.
The company has recently signed an MOU with the local city government, estimating a project investment of KRW 4 trillion ($3 billion). The factory will target an annual production of 200,000 units. About 90% of the NEVs to be produced will be exported to overseas markets.
BAIC believes that by cooperating with the local area, it can benefit from South Korea’s location advantages, enabling it to export to countries and regions such as Japan and the United States.
As a satellite city in the northwest of Seoul, Goyang City is a trade and transportation hub between the north and south of South Korea.
In 2023, BAIC sold a total of 92,172 units of NEVs, an on-year increase of 84%. Its export volume reached 190,000 units, up 73.5% on-year.
On 8 March, the China Passenger Car Association (CPCA) announced that the Chinese new energy passenger car exports reached 79,000 units in February, virtually flat year-on-year, but 20% lower than in January. New energy passenger car exports volume accounted for 26.4% of China’s total passenger car exports, down 4.8 percentage points from February 2023. Battery electric vehicles accounted for 81.4% of the exports in the month.
Source:Kallanish
