| | DECEMBER 20228IN FOCUSIN FOCUSBMW GROUP ASIA PACIFIC SEEKS TO EXPAND ITS VEHICLE MANUFACTURING FOOTPRINT IN VIETNAMThe BMW Group joined hands with Truong Hai Auto Corporation (THACO) to locally produce BMW vehicles in Vietnam. The co-operation will extend the BMW Group's production network for vehicles in Asia, which now includes BMW Group plants in India and Thailand, joint venture plants in China, and partner plants in Malaysia, Indonesia and now Vietnam."This is a major milestone for the BMW Group in Asia Pacific as we look to strengthen our geographic footprint in the region", said Michael Nikolaides, Senior Vice-President, BMW Group Production Network, Supply Chain Management. "With this decision, the BMW Group once again is applying its strategic principle of production follows the market". The BMW Group strives for balanced growth in all markets and continents. Fast-growing emerging economies play a central role here. "It has been nearly five years since we relaunched the BMW brand in Vietnam and brought THACO on board as the official importer of BMW vehicles in the market. We have cultivated a strong relationship with the THACO team during this time, and their experience and commitment to growing the brand is evident", said Lars Nielsen, Managing Director, BMW Group Asia."There is long-term growth potential in the Vietnam market, and we are excited to take this next step with THACO to locally produce some of our most popular models ­ including the BMW 3 Series, 5 Series, X3 and X5. We are also eager to bring our customers in Vietnam the very best of BMW, proudly produced in the heart of the country". "THACO has more than 20 years of experience in the automotive industry, manufacturing and trading everything from passenger cars to trucks for THACO and a variety of global brands", said Tran Ba Duong, Chairman, THACO. "We are excited and honored to have the opportunity to now include BMW vehicles as part of our manufacturing business in Chu Lai, Quang Nam Province and are committed to providing high-quality vehicles that BMW customers expect from the brand". THERE IS LONG-TERM GROWTH POTENTIAL IN THE VIETNAM MARKET, AND WE ARE EXCITED TO TAKE THIS NEXT STEP WITH THACO TO LOCALLY PRODUCE SOME OF OUR MOST POPULAR MODELS ­ INCLUDING THE BMW 3 SERIES, 5 SERIES, X3 AND X5
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