Dongfeng Automobile (Thailand), the local distributor of Chinese automaker Dongfeng Motor, has secured funding to expand its presence there.

Kasikorn Group, a Thai bank, has agreed to provide THB300m (US$9.74m) in financing, allowing the automaker to build an assembly plant with capacity of 5,000 vehicles per year.

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Dongfeng Automobile (Thailand) currently sells mini trucks, minivans and a seven-seater SUV imported from China. The company’s managing director, Pitaya Tanadamrongsak, told local reporters he has set a target of 3,000 sales in Thailand in 2012 and 10,000 units within three years – up from around 2,000 in 2011.

The company expects local assembly will make its vehicles more competitive in Thailand. It also plans to export its vehicles to Cambodia, Laos and Burma, once import tariffs are cut under the Asean Economic Community framework.

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