Joint venture led by Carlos Slim introduces first two built-in-Mexico SUVs
Jianghai Automobile Company (JAC) introduced two SUVs built in Mexico by a joint venture where Carlos Slim’s financial company Inbursa will be the principal shareholder.
Production of both models SEI 2 and SEI 3 started last month at Giant Motors assembly plant located in Sahagun city, in the central state of Hidalgo.
JAC expects sales to reach 10,000 units annually over the next five years in the country but it also aims to take advantage of Mexico’s free trade agreements to export its products to the rest of Latin America.
The 4 US$ 220 million alliance between Slim and JAC Motors to manufacture vehicles in Hidalgo, was first announced last month.
Last month Giant Motors announced a joint venture with Moldex, a subsidiary of Grupo Bimbo, a Mexican-based multinational that is the world’s largest bread maker, to manufacture a made-in-Mexico electric vehicle for product delivery.