Geely's Radar Set up Its First Overseas Subsidiary in Thailand
July 11,2024
According to sources, by the end of this year, Geely RADAR is set to unveil its flagship products at the 41st Thailand International Motor Expo under the new overseas brand name RIDDARA. This debut coincides with the establishment of its subsidiary in Thailand, positioning RIDDARA to use Thailand as a strategic hub to expand further into the Southeast Asian market.
Geely RADAR's vigorous expansion into the Thai market comes as no surprise. As a significant economic player in Southeast Asia and ASEAN, Thailand boasts a rich history of pickup truck culture and a favorable market environment. Pickup trucks consistently account for over 40% of the country's automotive market, making them Thailand's top-selling vehicle type. Consequently, Thailand has long been a key overseas target market for domestically produced pickup trucks.
As a brand with deep roots in the field of new energy pickup trucks, Geely RADAR will enter the Thai market with a new lineup of pure electric pickup trucks, offering Thai consumers a fresh experience in outdoor and work environments powered by electricity. Recent studies indicate that in 2023, Thailand saw a significant rise in annual sales of pure electric vehicles, reaching 68,000 units, marking a 405% year-on-year increase. This growth expanded the market share of electric vehicles in Thailand's total automotive sales from 1% in 2022 to 8.6%. It is projected that in 2024, sales could reach between 85,000 to 100,000 units, with market share expanding to 10-12%. Recently, Thailand also announced a series of new measures for 2024-2027 aimed at supporting the development of the new energy vehicle industry, expanding industry scale, enhancing local manufacturing capabilities, and accelerating the electrification transformation of Thailand's automotive sector.
It's worth noting that Thailand has shown great enthusiasm for the introduction of Geely RADAR. On March 27th of this year in Bangkok, the Thai Deputy Prime Minister personally received Geely RADAR's CEO, Ling Shiquan, and CFO, Wang Daxue, during their visit to Thailand. He expressed a warm welcome to Geely Zeekr's investment in Thailand's new energy vehicle industry. He emphasized that Geely Zeekr's advanced technology and comprehensive ecosystem of new energy pickup trucks entering Thailand would boost both upstream and downstream sectors of the automotive industry, enhance technical capabilities in the pickup truck sector, and serve as a crucial driver for Thailand's economic development.
As a trailblazer in China's new energy pickup truck sector, Geely RADAR, backed by Geely Holding Group, has achieved significant milestones in autonomous research and development of new energy intelligent technologies. Leveraging Geely Group's expansive SEA (Smart Electric Architecture) evolution framework, Geely RADAR is pioneering the development of China's first native pure electric pickup platform — the M.A.P. (Modular Architecture Platform) RADAR Horizon platform. Models built on this platform, such as the RADAR Horizon and RADAR RD6, have garnered acclaim from both Chinese and international consumers. With its advanced smart and versatile platform technologies, Geely RADAR aligns closely with the high demands of the Thai market while introducing innovative outdoor smart experiences to Thailand.
In the coming years, Geely Zeekr's Thailand subsidiary is set to operate the RIDDARA brand independently. Utilizing ASEAN as a gateway, it aims to establish a robust service network and create a right-hand-drive market extending across the ASEAN and Pacific regions.
Source : www.chinatrucks.com
Editor : Linda
Views : 7530
