(Yicai) May 7 -- Xinan Technology, a Chinese supplier of automotive parts, will spend USD68 million to build a plant in Thailand to meet demand abroad.

The manufacturer of precision parts used in electric vehicles will construct a factory to develop, produce, and sell components made of aluminum alloy in eastern Thailand's Rayong province, the Wuxi-based firm announced yesterday, without disclosing the exact products, production capacity, or construction schedule.

The project should help the firm better meet international demand, enhance its global supply capabilities, and expand overseas, it said.

Xinan counts Garrett Motion, a transportation systems business spun off from Honeywell, Indiana-based Cummins, and Japan's IHI as some of its clients. Products of the Chinese firm are seen in the engines of numerous marques in Germany, the United States, and Japan. Revenue coming from abroad accounted for 44 percent of Xinan's total last year.

Shares of Xinan [SHE: 301170] rose by 1.7 percent against the market trend to reach as high as CNY25.28 (USD3.60) intraday as of 2.08 p.m. in Shenzhen.

Editor: Emmi Laine