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France's PSA to produce two new SUVs in Vietnam

Xinhua, February 22, 2017 Adjust font size:

French car maker PSA group on Wednesday said it signed a fresh business deal with Vietnam's Truong Hai Auto Corporation (THACO) with the aim to produce two new sport utility vehicles (SUV) in the southeast Asian country this year.

"These two new SUVs will be the spearhead of a modern range to position Peugeot as the best high-end brand bringing the best of technology on the Vietnamese market," the French group said in a statement.

Following "the new project of local assembly line," PSA aims to "to cover the needs of the Vietnamese market for volume of 27,000 units over the period 2017-2020," it added.

The French auto manufacturer said to start producing the two SUVs in October 2017 in THACO's plant in Chulai as part of a scheme to bolster its position in ASEAN.

"The strengthening of our partnership in Vietnam with THACO group is part of the group's long-term strategy to increase sales in southeast Asia, a strategic region with strong growth potential," said Denis Martin, PSA's executive vice-president in China and ASEAN.

"The development of our local production capacities with THACO will allow us to aim for 5 percent market share in Vietnam in 2020, a market that should rapidly exceed 300 000 vehicle per year," he added.

PSA has already produced Peugeot 208, 3008 and 508 models in Vietnam since 2014. Endit