经济学人双语阅读：为什么中国汽车制造商纷纷进军泰国

Why Chinese carmakers are eyeing Thailand

为什么中国汽车制造商纷纷进军泰国

South-East Asia offers an appealing route to foreign expansion

东南亚海外扩张前景诱人

SIX DECADES ago, when Japan’s carmakers were minnows outside their home market, the future giants of global car manufacturing—Toyota, Nissan and Honda among them—began to expand production in Thailand. The South-East-Asian country’s early presence in the automotive supply chains means it is the tenth-largest producer of cars in the world, surpassing countries like France and Britain.

60年前，当日本汽车制造商在本土市场之外还是小鱼小虾时，丰田、日产和本田等未来全球汽车制造巨头就开始在泰国扩产。东南亚国家泰国较早进入汽车供应链，现已成为世界第十大汽车生产国，超过了法国和英国等国家。

(Minnow的中文解释是小淡水或咸水鱼的普通名字。它们经常被用作大型掠食性鱼类的饵料，也可以被饲养在水族馆中作为宠物。 “Minnow” 这个词也可以比喻地表示某些东西的小和微不足道。）

Today Thailand is once again a waypoint for the international ambitions of carmakers—this time from China. Chinese companies have been announcing investments in Thai factories left and right. In March BYD, which in the first quarter overtook Volkswagen as the best-selling car firm in China, broke ground on an EV factory in Rayong, already a carmaking hub. In April Changan unveiled a $285m investment to make its first right-hand-drive vehicles outside China. And on May 6th Thai officials said that Hozon, another Chinese firm, will produce its mass-market NETA V electric model in Thailand.

今天，泰国再次成为汽车制造商走向国际野心的一个中途站——这一次是中国汽车制造商。中国公司一直在宣布对泰国各地工厂的投资。今年3月，第一季度超越大众成为中国最畅销汽车公司的比亚迪，在已成为汽车制造中心的Rayong破土动工建造电动汽车工厂。今年4月，长安宣布投资2 . 85亿美元，在中国以外生产首款右舵驾驶汽车。5月6日，泰国官员表示，另一家中国公司Hozon将在泰国生产其大众车型NETA V。

（Waypoint中途站，Left and right到处都是。）

As their home market matures, domestic competition stiffens and China’s economic growth becomes more sedate, carmakers’ cost of acquiring new Chinese customers is becoming “just so high”, says Tu Le of Sino Auto Insights, a consultancy in Detroit. In recent months a price war has broken out in China between EV marques. Many carmakers see foreign expansion as the surer route to growth. China exported $21bn-worth of cars in the first quarter of 2023, 82% more than in the same period last year.

底特律咨询公司Sino Auto Insights的Tu Le表示，随着国内市场成熟、国内竞争加剧以及中国经济增长放缓，汽车制造商在中国的新客户获取成本正变得“极高”。最近几个月，中国爆发了电动汽车品牌价格战。许多汽车制造商认为海外扩张可以确保增长。2023年第1季度，中国汽车出口金额达210亿美元，比去年同期增长了82%。

Chinese manufacturers are seeking a neutral ground from which to stage their global expansion. Thailand, as an American ally and member of the Regional Comprehensive Economic Partnership, which loosens restrictions on trade in intermediate goods, looks particularly appealing.

中国汽车制造商正在寻求中立平台，并以此为基础进行全球扩张。作为美国盟友和区域全面经济伙伴关系协定（RCEP）成员，泰国放松了对中间产品贸易的限制，因此特别有吸引力。

Some of the Chinese companies’ Thai-made cars will be sold in South-East Asia, where the economy is helpfully growing at a fast clip. Car sales in the region rose by 23% last year, to 3.4m. But the carmakers also have designs on the lucrative Western markets. Research by Allianz, a German insurer, finds that Chinese firms accounted for about 4% of battery-EV sales in Germany between January and March, three times the share a year earlier. Some, including BYD, are even attempting to conquer the American market, as Japanese firms had done before them.

中国公司在泰国制造的部分汽车将在经济快速增长的东南亚销售。去年，该地区汽车销量增长了23%，达到340万辆。但是中国汽车制造商也在谋划利润丰厚的西方国家市场。德国保险公司Allianz研究发现，今年1-3月，中国公司在德国电动汽车销量占比为4%，是去年同期的三倍。包括比亚迪在内的部分公司甚至试图征服美国市场，一如当年日本公司所为。

Whether or not the Chinese car companies’ Thai plans succeed in their ultimate goal, the investments reinforce China’s already dominant position in Asian supply chains. Last year Thailand received $3.4bn in foreign direct investment from companies in China (including Hong Kong), more than it did from America or Japan. Even among American allies like Thailand, the commercial benefits from closer ties to the world’s second-biggest economy are too juicy to ignore.

无论中国汽车公司在泰国最终能否成功，这些投资都将巩固中国在亚洲供应链中已有的主导地位。去年，泰国从中国(包括香港)公司获得了34亿美元的外国直接投资，超过了美国和日本。即使是美国盟友，泰国也认为与世界第二大经济体建立更紧密关系将带来诱人且不容忽视的商业利益。

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