SAIC Hongyan expands market in Latin America

SAIC Hongyan's production line in Liangjiang New Area, Southwest China's Chongqing municipality. [Photo/WeChat account of Liangjiang New Area]

Recently, SAIC Hongyan's electric trucks embarked on a journey from Shanghai Port to Costa Rica in Central America. This delivery marks the second time this year that SAIC Hongyan's heavy-duty electric trucks have entered Latin American countries following their entry into Chile.

SAIC Hongyan, as a representative enterprise in the heavy-duty truck industry in Chongqing and Liangjiang New Area, has been accelerating its integration into the Belt and Road Initiative (BRI) and expanding its overseas markets in recent years. Besides Costa Rica, SAIC Hongyan's trucks have been exported to Russia, Indonesia, and other countries this year, with a total export volume of 4,000 units.

Xiong Zhu, head of the international business department of the company, stated that SAIC Hongyan is meeting the differentiated needs of target markets by providing refined services and high-quality products while deepening cooperation with BRI member countries.

In Indonesia, with the implementation of the Regional Comprehensive Economic Partnership (RCEP), import tariffs for SAIC Hongyan's products have been reduced from 10 percent to 0 percent, allowing them to enter the local market at more favorable prices. Since the beginning of this year, SAIC Hongyan's sales in Indonesia have increased 300 percent compared to last year, with over 400 orders received.

Liangjiang New Area is the central hub for developing the automotive sector in Chongqing. It has established an industrial chain of 10 vehicle manufacturers and over 200 core auto component enterprises, with an output value of nearly 300 billion yuan ($41.82 billion).