Chinese forklift manufacturer Hangcha Group has announced it will establish the Hangcha Group Thailand Manufacturing Co, to assemble and sell lithium batteries and manufacture and sell forklifts and scissor lifts to the domestic market.

Initial planned capacity at the site is 10,000 units which will include counterbalance forklifts, scissor lifts and boom lifts, with the site requiring an initial USD20 million investment.

The announcement follows a period of significant growth from Hangcha Group which reported 2023 export revenue of RMB6.54 billion (USD929 million); a year-on-year increase of 29.7%.

“Thailand is a key economy, offering a favourable location and investment environment for manufacturing growth,” the company said in a statement announcing the formation of the Thai subsidiary. 

“Hangcha's manufacturing base in Thailand will reduce costs, improve supply chain efficiency, and enable faster responses to Southeast Asian market demands.”

In May Hangcha broke ground on a new factory in China’s Hangzhou with a 10,000-unit capacity of automation equipment annually as it works to meet growing demand.