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On July 9th, Geely Radar announced the official establishment of its first overseas subsidiary in Thailand. The Thai market will also become its first independently operated overseas market. This milestone marks a new phase in Geely Radar's global strategy.

Recently, Geely Radar has been actively expanding in the Thai market. The Thai Deputy Prime Minister first met with Geely Radar CEO Ling Shiquan and his team. Following this, Geely Radar announced that its flagship product would participate in the 41st Thailand International Motor Expo under the new brand name RIDDARA. The establishment of the Thai subsidiary further demonstrates the company's commitment to the Thai market.

As an economy with significant influence in Southeast Asia and ASEAN, Thailand has a long history of pickup culture and a favourable market environment. Pickup trucks consistently account for over 40% of the automotive market, making them the top-selling vehicle type, far surpassing SUVs and sedans.

Thailand's electric vehicle (EV) industry is also experiencing rapid growth. Research indicates that in 2023, the annual sales of pure electric vehicles in Thailand reached 68,000 units, a 405% increase year-on-year. This increased the market share of pure electric vehicles from 1% in 2022 to 8.6% in 2023. It is expected that in 2024, Thailand's pure electric vehicle sales will reach 85,000 to 100,000 units, with the market share rising to 10-12%. Recently, Thailand has introduced a series of new initiatives for 2024-2027 to support the development of the EV industry, aiming to expand the industry scale, enhance local production capacity, and accelerate the electrification transformation of the Thai automotive industry.

As a brand rooted in the EV pickup truck field, Geely Radar is highly optimistic about the prospects of the Thai new energy market. Both parties share a common goal of pursuing clean energy and zero-carbon environmental protection. The Thai side has also shown great enthusiasm for the introduction of Geely Radar. On March 27th in Bangkok, the Thai Deputy Prime Minister warmly welcomed Geely Radar CEO Ling Shiquan and CFO Wang Daxue during their visit to Thailand. He expressed strong support for Geely Radar's investment in the Thai EV vehicle industry. The entry of Geely Radar's advanced technology and comprehensive EV pickup ecosystem into Thailand is expected to drive the automotive upstream and downstream industries, enhance the technical capabilities of the pickup truck industry, and become a significant engine for Thailand's economic development.

From a technical and systematic perspective, the introduction of Geely Radar will present a significant opportunity for the upgrade of Thailand's pickup truck industry. As a pioneer in China's EV pickup sector, Geely Radar, backed by Geely Holding Group, has made significant achievements in new energy intelligent technology based on independent research and development. Geely Radar has developed the country's first native pure electric pickup platform – the M.A.P Radar Hanhai platform.

The M.A.P Radar Hanhai platform integrates top-tier pickup technology and advanced new energy passenger vehicle technology. It serves as a product platform, technology platform, and diverse outdoor ecosystem platform, becoming the key support for Geely Radar in building an outdoor ecosystem. Models such as the Radar Horizon and Radar RD6, built on this platform, have been well-received by consumers in China and abroad. With high intelligence and versatile platform technology, Geely Radar aligns well with the local market demands in Thailand, bringing a new outdoor smart scenario experience to the Thai market.

Under the comprehensive empowerment of Geely Group, Geely Radar relies on forward-looking R&D technology and robust product strength. In 2023, the market share of EV pickup trucks exceeded 60%, with the highest monthly market share reaching 84.2%, securing the annual sales championship. Geely Radar has also actively expanded the application scenarios of EV pickup trucks, developing a series of smart scenario solutions such as camping vehicles, fishing vehicles, and plant protection drone platforms, meeting the diverse needs of consumers and gaining high recognition from a wide range of users. This fully demonstrates Geely Radar's competitive advantage and outstanding strength in the EV pickup market.

It is foreseeable that with Geely Radar's accelerated entry, the well-validated new energy technology in China is expected to trigger a technological revolution in the EV pickup sector in Thailand. From the user's perspective, the passenger-oriented design concept, excellent pure electric performance, diverse outdoor ecosystem scenarios, intelligent IoT technology, and unparalleled cost-effectiveness will bring a fresh experience to Thai consumers.

In the future, Geely Radar's Thai subsidiary will independently operate the RIDDARA brand, aiming to make Thailand the fourth largest single-model pickup market.