Changan's German subsidiary has been registered, marking another step in its "Vast Ocean" plan.
Changan Automobile has set up a German subsidiary, accelerating the Chinese auto giant's overseas expansion plans.
Changan's German subsidiary, Changan Automobile Deutschland GmbH, has been officially registered in Munich, marking another step in its "Vast Ocean" plan, the company announced in a statement yesterday.
Besides sales, marketing and service, the new entity will also focus on customer insights, market research, technical directives and homologation, and product local engineering, it said.
Changan is one of China's largest car companies with its own brands, including Avatr, Deepal, Nevo and Kaicheng, as well as joint ventures, including Changan Ford, Changan Mazda and Changan Suzuki.
In January-July this year, Changan's own brands sold 228,000 vehicles overseas, up 67.6 percent year-on-year, according to the minutes of an investor relations conference it released yesterday.
For the full year 2024, Changan is targeting sales of 480,000 vehicles in overseas markets, it said, adding that it aims to sell 1.2 million vehicles by 2030 in overseas markets.
By 2030, Changan's overall sales target is 5 million units, including 4 million under its own brands, according to the company.
In the European market, Changan will host a launch event in the second half of 2024 to introduce new energy vehicle (NEV) models there, it said.
In the NEV segment, Changan is targeting sales of 750,000 units for the whole of this year, including 280,000 for Deepal and 250,000 for Nevo.
Changan is building its first overseas production base in Thailand, a project that is progressing well on schedule and is expected to go into full production in the first quarter of next year, according to the carmaker.
Changan is also considering building production bases in Central and South America and Europe to help grow its NEV business through globalization, it said.
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