Korean car companies signed a memorandum of understanding this week with the city government of Busan, South Korea’s second largest city, to renovate existing factories in Busan, South Korea, and build a future mobility center. The company is also considering producing new electric models at the plant.

The CEO of Renault Automobile Korea said that as part of the first phase of the project, the French automaker will invest 700 billion won (Note: currently about 3.78 billion RMB) to build hybrid vehicle research and development in the city centers and manufacturing facilities.

Renault Korea is trying to use the project to break out of a slump in which it has not launched a new model since the launch of the XM3 in 2020.

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WHA Thailand Weihua Industry has now officially announced an agreement with BYD to purchase industrial land. The company is also said to have raised its target for industrial park land sales in 2022 from 1,250 acres to 1,650 acres, of which the Thai industrial park accounts for 1,400 acres.

Not surprisingly, BYD will become the third Chinese auto brand to invest in a factory in Thailand (MG Motor and Great Wall Motor have already set up vehicle assembly lines in Thailand).

Currently, Thailand has a strong domestic production capacity, especially for new energy vehicles, led by electric vehicles. Currently, there are more than 20,000 EVs in Thailand, and 8,000 units have been sold in the first seven months of this year.

Notably, BYD held a brand launch in Bangkok on August 8, announcing a partnership with RÊVER Automotive to begin selling new energy vehicles in Thailand later this year. In addition, Thailand’s Eastern Economic Corridor (EEC) office announced last month that the company plans to invest about 30 billion baht in the production of electric vehicles.

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