THACO will assemble two multi-purpose vehicles (MPV) under the Peugeot Traveller brand, with parts imported from France, CEO Pham Van Tai said Sunday at the inauguration of the plant.
The VND4.5 trillion ($194.3 million) factory, spanning an area of 7.5 hectares, has a capacity of 20,000 cars a year. Equipped with the latest technology by PSA Group, the plant will assemble luxury European automobiles. MPVs are becoming popular in Vietnam for their large interior space, suitable for both family and business use, industry insiders say. Last year, MPV sales rose 24.5 percent over 2017 to over 20,300 units, according to the Vietnam Automobile Manufacturers Association.
This plant will manufacture a full range of Peugeot, which will undergo strict inspection via a quality monitoring system connecting directly with Peugeot in France.
On the opening ceremony, THACO introduced the Peugeot Traveller Luxury and Traveller Premium models.
THACO General Director Pham Van Tai was quoted as saying the plant is expected to help popularize the Peugeot brand in Vietnam, vowing that THACO will work closely with the French manufacturer to increase the rate of locally-made components to bring the best quality Peugeot autos to the market at affordable prices.