PRESS RELEASE: ANNOUNCEMENT CEREMONY OF THE CONSTRUCTION PLAN FOR THE KIM LONG CHANGAN VIET NAM 5-7 SEATER PASSENGER VEHICLES MANUFACTURING PLANT AND THE SIGNING OF A COOPERATION AGREEMENT FOR VEHICLE PRODUCTION BETWEEN CHANGAN AUTOMOBILE COMPANY LIMITED AND KIM LONG MOTOR HUE JOINT STOCK COMPANY

KIM LONG MOTOR Hue Joint Stock Company and CHANGAN Automobile Group officially announced the plan to build the KIM LONG CHANGAN VIETNAM 5-7 Seat Passenger Car Manufacturing Plant. As part of the event, the signing ceremony of the cooperation agreement for vehicle production between CHANGAN Automobile Co., Ltd and KIM LONG MOTOR Hue Joint Stock Company took place, marking a significant step towards development and extensive collaboration in the regional automotive industry.

Established in 1862, CHANGAN Automobile Group is headquartered in Jiangbei, Chongqing, China. With the highest sales volume in China, CHANGAN recorded over 2,680,000 vehicles sold in 2024. It is the largest and oldest state-owned automotive group in China. With a diverse product lineup spanning both commercial and passenger vehicles, and renowned sub-brands like CHANGAN, DEEPAL, and AVATR, the group not only ensures top-quality products but also pioneers innovation trends. Notably, CHANGAN Automobile pursues a globalization strategy with R&D centers located across multiple countries. Over 18,000 experts and engineers continuously innovate to deliver smart and eco-friendly mobility solutions to the market.

Mr. Wang Hui, Deputy General Manager of CHANGAN Automobile Group, shared: “This cooperation with KIM LONG MOTOR Hue marks an essential step in CHANGAN Automobile's global strategy ‘Hai Nap Bach Xuyen’ and will serve as a critical starting point for CHANGAN Automobile to penetrate the Vietnamese market. Both parties will collaborate extensively in product technology, brand marketing, supply chain, OEM cooperation, social responsibilities, and other areas.”

On its development journey, KIM LONG MOTOR has chosen a unique strategy focusing on research, development, and production of commercial vehicles under a Vietnamese brand. With a commitment to becoming a market leader in the domestic vehicle industry—both in quality and production volume of internal combustion and new energy vehicles such as 4-7 seat hybrid and electric passenger cars, electric buses, and electric trucks (ranging from light to heavy trucks)—KIM LONG MOTOR aims to prioritize exports to international markets as a core development strategy.

The partnership strategy between KIM LONG MOTOR and CHANGAN Automobile in the Vietnamese market includes three main pillars: Selecting unique product lines, developing a branded distribution system, and investing systematically in the KIM LONG CHANGAN VIETNAM 5-7 Seat Passenger Car Manufacturing Plant.

Regarding product strategy, the focus is on aligning with global strategies while meeting the needs of Vietnamese customers. Currently, KIM LONG MOTOR and CHANGAN Automobile are selecting successful products from international markets with similarities to the Vietnamese market. The first lineup will feature DEEPAL-branded vehicles, with five models expected to launch within the next three years, catering to Vietnam's demand for green and smart tourism.

In distribution system development, KIM LONG MOTOR leverages all resources and CHANGAN Automobile's global expertise to build a nationwide sales and service network. Within three years, 80 showrooms are expected to operate, forming a connected system that offers customers a consistent experience aligned with CHANGAN's global distribution network.

Gradually diversifying CHANGAN Automobile’s product lineup in Vietnam and targeting domestic production and assembly—specifically at the KIM LONG CHANGAN VIETNAM 5-7 Seat Passenger Vehicles Manufacturing Plant in the KIM LONG MOTOR Hue Automotive Manufacturing and Assembly Complex—is a strategic step for sustainable brand development. Covering a 30-hectare construction area with a designed capacity of 50,000 vehicles per year, the plant will incorporate CHANGAN’s cutting-edge technology. Construction is scheduled to begin in 2025, with an initial localization rate of 40%, aiming for over 80% by Q2 2026. Once operational, the plant will generate thousands of jobs and make significant contributions to the state budget and socioeconomic development of Hue City.

Mr. Dao Viet Anh, General Director of KIM LONG MOTOR, stated: “The year 2024 witnessed a strong transformation in the Vietnamese automotive market, particularly with the rise of electric and new energy vehicles. This presents tremendous opportunities but also challenges. However, with over 163 years of experience and advanced technology, we trust in CHANGAN Automobile’s success. At KIM LONG MOTOR, we are committed to maximizing resources, technology, and close collaboration with CHANGAN Automobile to achieve shared goals, quickly bring the KIM LONG CHANGAN VIETNAM 5-7 Seat Passenger Car Manufacturing Plant into operation, and jointly write a new chapter for Vietnam's automotive industry.”

About KIM LONG MOTOR
KIM LONG MOTOR Hue Joint Stock Company (KIM LONG MOTOR) is the investor in the KIM LONG MOTOR Hue Automotive Manufacturing and Assembly Industrial Zone located in the Chan May - Lang Co Economic Zone, Hue City. The company specializes in automobile manufacturing, assembly, and trading; automotive parts and components manufacturing; and industrial park infrastructure trading. The KIM LONG MOTOR Hue Automotive Manufacturing and Assembly Industrial Zone is a comprehensive complex comprising bus, minibus, truck, passenger car assembly plants, and facilities for manufacturing engines, axles, gearboxes, chassis cutting, and automotive technology support industries. With a total area exceeding 600 hectares, the industrial zone also includes semiconductor technology, bonded warehouses, and more. Pursuing the philosophy of “Leading to Serve,” KIM LONG MOTOR is strongly committed to its mission: “Delivering true value to customers through modern, suitable products that meet unique needs and contribute to the socioeconomic development of the country.”
Learn more at: https://kimlongmotor.com.vn

About CHANGAN Automobile Group
Established in 1862 and headquartered in Jiangbei District, Chongqing, China, CHANGAN leads in automotive sales in China, with over 2,680,000 vehicles sold in 2024. It is the largest and oldest state-owned automotive group in China. With over 40 years of automotive manufacturing experience, CHANGAN operates 14 production bases and 34 plants worldwide. The group boasts a diverse portfolio, including proprietary brands such as CHANGAN UNI, CHANGAN NEVO, CHANGAN LCV, DEEPAL, AVATR, and joint venture brands like CHANGAN Ford, CHANGAN Mazda, and JMC. CHANGAN’s R&D team comprises over 18,000 engineers and experts from 31 countries, with R&D centers in 10 cities across six nations, demonstrating its strong commitment to leading technological innovation.
Learn more at: https://www.globalchangan.com