UOB Thailand announced that it has provided around THB400 million green trade financing facility to Great Wall Motor Thailand, in order to support the company's expansion into the fully electric car market through importing ORA Good Cat compact passenger car from China.
The move comes as part of UOB's commitment to promoting sustainable business practices and supporting companies that are working towards reducing their carbon footprint. This green trade finance is a drawdown from the previously-granted credit facilities to help the company's entry to Thai market.
Mr Tan Choon Hin, President and CEO, UOB Thailand, said, "We are delighted to work with Great Wall Motor Thailand on this stimulating endeavor. The financial aid provided by UOB to Great Wall Motor Thailand is another testament of our commitment to promote sustainable development with our partners as they advance their businesses. UOB's Sustainable Trade Finance solution enables Great Wall Motor Thailand to take advantage of the opportunities arising from the growing demand for fully electric cars, with a strong upward trend expected over the years."
According to UOB study, the electric vehicle market in Thailand is expected to have a substantial compound annual growth rate of 30 per cent over the next three years.
Great Wall Motor Thailand is one of the leading automotive manufacturers in Asia and has been actively pursuing its goal of becoming a major player in the electric vehicle market. With this new financing facility from UOB, the company will be able to accelerate its plans for growth and innovation.
Mr Michael Chong, General manager of Great Wall Motor Sales Thailand, "UOB has supported us since our first entry into the Thai market last year as we aim to expand our business in ASEAN, with Thailand as our regional headquarter This first green trade facility we received from UOB will help pave the way for us to expand our regional footprints in Thailand. We look forward to collaborating more closely with UOB Thailand now and in the near future."
ORA Good Cat contributed to more than one-third of the company's cars sold in 2022. Considering the nascent state of battery electric vehicle market and its positive growth opportunities, Great Wall Motor aims to largely increase sales of its compact passenger car brand in Thailand by this year and plans to start the production of its electric vehicles by 2024.
The green trade facility extended to Great Wall Motor Thailand was approved under the UOB's U-Drive programme, a comprehensive sustainable financing solution designed to meet the financing needs of EV ecosystem in alignment with the UOB Smart City Sustainable Finance Framework.