Accelerate market cultivation—Shineray Group joins forces with Ambacar to further expand into the South American market.

Preface: In recent years, with the improvement of China's automobile R&D and manufacturing capabilities, the influence of Chinese automobile brands in the world has become increasingly strong. Chinese automobile brands such as Geely, BYD, SAIC, Chery, and Shineray have been growing vigorously around the world. As a large-scale automotive enterprise, Shineray Group has already established automotive businesses in more than 50 countries and regions worldwide. The South American market is a key strategic market for Xin Yuan Group, and it began to deploy models in Ecuador in 2017. After years of market cultivation, Shineray Group has achieved good results in both passenger and commercial vehicle markets and has gained widespread market recognition.

In a bid to further strengthen its foothold in the South American market and expand its market share, the senior executives of Ecuador's Ambacar Group paid a visit to Oriental Shineray Group Co., Ltd. (hereafter referred to as XinYuan Group) in April 2023. During the visit, the executives from both companies engaged in in-depth discussions and exchanges on potential cooperation and reached a consensus on long-term strategic collaboration. This significant move is expected to create new opportunities and drive growth for both Shineray Group and Ambacar Group, further enhancing their respective positions in the highly competitive global automotive industry.A

Ambacar, one of Ecuador's top three multinational automotive companies, has been selling Chinese sedans, SUV,light trucks, pickups and multi-purpose vehicles for the past 12 years. The company has worked with various brands, including Great Wall, SWM, DFSK, Changan, and Shineray. Among these, SWM and Shineray have emerged as independent passenger and commercial vehicle brands respectively under the umbrella of Shineray Group.SWM G01, G03F, X30, X30L, 750 and other models have been, taking the Ecuador market as an example, selling exceptionally well in South America. According to Ambacar's statistics, G01 has outsold other Chinese passenger car brands such as Dongfeng and Chery to become the top-selling model in the first quarter. Meanwhile, Shineray X30 and X30L have been popular among South American customers, making it the highest-selling Chinese commercial vehicle brand in the region.

During the signing period, the Ambacar delegation visited the modern production lines and CKD packaging workshops at Fuling factory. Following the workshop tour, Ambacar executives test drove and experienced various models under Shineray's portfolio, including G01F, G05, G03FEDI, and X30LEV, to personally feel the comfort of driving and riding in Shineray vehicles.

At the signing ceremony, Ambacar representatives expressed their confidence in the impact that Shineray brand has already been made in the South American market, stating that they looked forward to working closely with Shineray to further expand their presence in the region. Shineray executives, in turn, highlighted their ongoing efforts to establish an advanced IT operations system for automotive CKD, which will optimize both the quality of KD parts and transportation cycles to better support Ambacar's assembly operations in the South American market.

During the signing ceremony, both parties agreed to maintain their excellent strategic partnership in the future, with a focus on deepening cooperation in areas such as promoting new products, enhancing channel capabilities, improving product quality, and strengthening after-sales services. By strengthening their strategic consensus, the aim is to achieve higher market share and mutual benefits.

Ambacar officials mentioned in a media interview that for car owners in Ecuador, the design of the car is particularly important, while they also value fuel efficiency, cost, and quality. In these areas, Ambacar officials have full confidence in Shineray Group! Additionally, he expressed his expectations for the development of Chinese cars in South America, and he believed that in the next 15 years, the market share of Chinese car brands in Ecuador will reach about 40%. Shineray Auto and SWM Auto are growing car brands with tremendous market potential in South America, and they will work together with Shineray Group to strive for more market share!

      Shineray Group and Ambacar have achieved fruitful results based on mutual trust and respect. Their business has expanded across Ecuador, Peru, Colombia, Costa, Rica, and other countries. Shineray Group's automotive brands have been gaining increasing sales and brand influence in South America year by year.