Chinese auto giant Changan Automobile has signed a deal with Thai authorities to advance its plans to build a plant in the Southeast Asian country.

Changan reached the agreement with the Thailand Board of Investment (BOI) at the third Belt and Road Forum for International Cooperation event in Beijing on October 17.

Changan plans to invest 8.8 billion baht in Thailand to build a new energy vehicle (NEV) production plant with a design capacity of up to 100,000 units in the first phase.

The Thailand BOI secretary general Narit Therdsteerasukdi presented Changan chairman Zhu Huarong with an investment certificate for the carmaker's production site project in Thailand.

Changan established its operating entity in Thailand on August 23, and on August 24, the company announced plans to invest 8.8 billion baht to build a NEV production base in the country.

The first phase of the production base will have an annual capacity of 100,000 vehicles, and the second phase will increase the annual capacity to 200,000 vehicles, Changan said at the time.

NEVs produced at the facility will not only be sold in Thailand, but also exported to other markets including Australia, New Zealand, Britain and South Africa, Changan said in August.

Changan plans to invest more than $10 billion in overseas markets by 2030, with annual overseas sales of more than 1.2 million vehicles and more than 10,000 employees in overseas operations.