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Will BAIC build a plant in South Korea? The official refutes the rumor

2024-04-22 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/08 Report--

In response to foreign media reports that the Gaoyang government of South Korea has signed a memorandum of understanding with BAIC to build a large electric vehicle production facility at the site of the Gaoyang Free Economic Zone, BAIC issued a solemn statement on false information on Weibo on the evening of March 7.

According to the statement, BAIC found that some South Korean media had released reports about the signing of a memorandum of cooperation between BAIC and Gaoyang, South Korea, to build an annual production capacity of 200000 electric car plants in Gaoyang, South Korea. It has been verified that neither GOMSD of Korea (strain) nor Gaoyang of South Korea has established a cooperative relationship with BAIC, and we have never approached the above two parties on cooperation matters. BAIC pointed out that the above news is purely false. We have initiated an investigation into the incident and reserve the right to retroactive legal liability for related acts.

The thing is, South Korea's Gaoyang City said on March 6 that it had signed a memorandum of understanding with Chinese car company Beijing Automobile to build a large electric vehicle production facility at the site of the Gaoyang Free Economic Zone, South Korean media Chosunbiz reported. The new plant has an annual capacity target of 200000 vehicles and plans to export 90 per cent of its electric vehicles to markets outside South Korea. Through the agreement, Beijing Automotive will invest about 2 million square meters and about 4 trillion won (21.6 billion yuan) in the Gaoyang Free Economic Zone to build production and sales facilities for electric vehicles. With an annual production target of 200000 units, 90 per cent of electric vehicles are planned to be exported to markets outside South Korea. In addition, the report also pointed out that Gaoyang City plans to send a delegation to visit the Chinese headquarters at the invitation of Beijing Automobile next month to visit the site and implement the contents of the agreement.

According to public data, Beijing Automobile Group Co., Ltd. (hereinafter referred to as "BAIC Group") was founded in 1958, headquartered in Beijing, is the backbone of China's automotive industry, with its own brands-ARCFOX, Beijing Automobile (Beijing, BEIJING), Futian Automobile, Beijing heavy truck, Changhe Automobile; joint venture brands-Beijing Mercedes-Benz, Fujian Mercedes-Benz, Beijing Hyundai, Futian Daimler. Among them, at its headquarters in Beijing, BAIC has established independent brand passenger vehicle bases, independent brand commercial vehicle bases, new energy vehicle bases, joint venture brand passenger vehicles and other bases distributed in more than 10 provinces and cities across the country. BAIC's R & D system is located in five countries and seven places in the world, and has set up vehicle and KD plants in more than 30 countries and regions, with markets in more than 80 countries and regions around the world.

Up to now, BAIC has a total of five major brands: polar Fox, Beijing Automobile, Beijing Mercedes-Benz, Beijing Hyundai and BAIC Foton. The latest financial data show that BAIC achieved an operating income of 480.3 billion yuan and an output value of 292.4 billion yuan in Beijing in 2023. In terms of sales, BAIC accumulated sales of 1.708 million vehicles in 2023, an increase of 17.6% over the same period last year. Of these, sales of independent passenger vehicles were 190000, up 69.1% from the same period last year; sales of independent commercial vehicles were 634000, up 36.7% from the same period last year; and exports were 190000, up 73.5% from the same period last year.

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