ChangAn Unveils Vast Ocean Plan Global Expansion Milestones Following Official Launch of First International NEV Factory in Rayong, Thailand
RAYONG, Thailand, May 20, 2025 /CNW/ -- ChangAn Automobile ("ChangAn" or "the Company"), an intelligent low-carbon mobility technology company, recently officially commenced production at its first international NEV manufacturing base in Rayong, Thailand, coinciding with both the roll-off of its 28.59-millionth vehicle, and the celebration of the 50th anniversary of diplomatic ties between China and Thailand, marking a truly major milestone. The factory launch is a landmark event of ChangAn's Vast Ocean Plan for global expansion that represents a shift from brand internationalisation to the export of full industries.
Mr. Zhu Huarong, Chairman of ChangAn Automobile, shared: "Our aim is to build this factory as a global benchmark. We will continue to focus on long-term growth, and mutually beneficial, low-carbon, localised operations. To lead sustainable mobility and benefit human life is ChangAn's mission, and despite the huge challenges currently posed by anti-globalisation, we are fully committed to our Vast Ocean Plan."
ChangAn's Vast Ocean Plan drives global expansion across five regions, advancing its goal of becoming a world-class automobile brand. Over three years, the Company filed over 14,000 patents, with 70% for inventions, averaging 19 per workday, maintaining top R&D rankings. ChangAn fosters global talent focusing on professionalism, youth, internationalisation, and market orientation. Its industrial footprint includes 20 planned factories, with nine KD plants and one full vehicle plant operational. Marketing includes 22 brand launches across Southeast Asia, Europe, Latin America, the Middle East and Africa, with over 9,000 outlets. ESG investments exceed 30 million yuan annually, supporting public welfare worldwide.
ChangAn's Vast Ocean Plan has accelerated the Company's global expansion since its 2023 launch. With five major international regions established, ChangAn set overseas sales records in 2024. As the plan enters a new phase in 2025, the Company is sharing high-quality products and services worldwide at the speed of China. In Southeast Asia and Oceania, ChangAn has cultivated key right-hand-drive markets. Construction of the Rayong factory in Thailand began in November 2023, and mass production started in May 2025. In the region, the DEEPAL S05 and extended-range EV debuted at the 2025 Bangkok International Motor Show. The factory marks a shift from product exports to full-industry exports. In Latin America, ChangAn hosted a brand conference on July 23, 2024, accelerating the rollout of high-value products to meet diverse local needs. After 30 years in the Middle East and Africa, a brand launch in September 2024 introduced six new energy models. Plans include local subsidiaries, joint ventures, and expanded services. In Europe, where ChangAn established its Turin Design Center in 2001, a brand launch in Germany on March 21, 2025, marked renewed commitment to sustainable mobility through localised R&D and the "In Europe, For Europe" strategy.
ChangAn will pursue its "four ones" development goals and advance its global strategy, elevating five major international markets to the same strategic level as China. The Company aims to grow its global market capacity from 30 million to 50 million and accelerate localisation in these regions. ChangAn plans to expand production with 11 KD projects in countries such as Kazakhstan and Egypt, reaching 500,000 vehicles in international capacity.
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Visit to learn more. Cautionary Statement Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.
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The Boe conversion ratio of 6 Mcf to 1 Bbl is based on an energy equivalency conversion method and does not represent a value equivalency; therefore Boe's may be misleading if used in isolation. Figures that are presented on a boe basis herein are calculated as the total aggregate amount for the period divided by boe production volumes for the period. References to natural gas liquids ("NGLs") in this news release include condensate, propane, butane and ethane and one barrel of NGLs is considered to be equivalent to one barrel of crude oil equivalent (Boe). One ("BCF") equals one billion cubic feet of natural gas. One ("Mmcf") equals one million cubic feet of natural gas. This press release contains metrics commonly used in the oil and natural gas industry which have been prepared by management, such as "operating netback" and "operating margins". These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons. For additional information regarding netbacks and operating margins, see "Non-GAAP Financial Measures". Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Yangarra's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from metrics presented in this press release, should not be relied upon for investment or other purposes. Non-GAAP Financial Measures This press release contains various specified financial measures that are non-GAAP financial measures and do not have standardized meanings as prescribed by International Financial Reporting Standards (" IFRS"). These reported amounts and their underlying calculations are not necessarily comparable or calculated in an identical manner to a similarly titled measure of other issuers where similar terminology is used. Readers are cautioned that such financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measure with respect to as evaluating the Company's performance. These measures have been described and presented in this press release in order to provide shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations and should not be considered in isolation. Funds flow from operations Funds flow from operations ("FFO") should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net income as determined in accordance with IFRS, as an indicator of Yangarra's performance or liquidity. Management uses FFO to analyze operating performance and leverage and considers FFO to be a key measure as it demonstrates the Company's ability to generate cash flow necessary to fund future capital investments and to repay debt, if applicable. FFO is calculated using cash flow from operating activities before changes in non-cash working capital and decommissioning costs incurred. The following table reconciles FFO to cash flow from operating activities, which is the most directly comparable measure calculated in accordance with IFRS: Yangarra presents FFO per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of net income per share. Funds from operations netback is calculated on a per boe basis. Adjusted EBITDA Yangarra defines adjusted EBITDA as earnings before interest, taxes, depletion and depreciation, which represents EBITDA, excluding changes in the fair value of commodity contracts. Management believes that adjusted EBITDA is a useful measure, which provides an indication of the results generated by the Yangarra's primary business activities prior to consideration of how those activities are financed, amortized or taxed. The most directly comparable IFRS financial measure to adjusted EBITDA is net income (loss). The following table provides a reconciliation of adjusted EBITDA to net income (loss). Adjusted Net Debt Yangarra defines adjusted net debt as the sum of our existing credit facilities, trade and other payables, and trade receivables and prepaids. Yangarra uses adjusted net debt to assess efficiency, liquidity and the general financial strength of the Company. The most directly comparable IFRS financial measure to adjusted net debt is bank debt. The following table provides a calculation of adjusted net debt. Adjusted net debt to second quarter annualized FFO Adjusted net debt to second quarter annualized FFO is a non-GAAP financial ratio calculated as adjusted net debt divided by third quarter annualized FFO. Netbacks The Company considers corporate netbacks to be a key measure that demonstrates Yangarra's profitability relative to current commodity prices. Corporate netbacks are comprised of operating, field operating, FFO and net income (loss) netbacks. Yangarra calculates field operating netback as the average sales price of its commodities (including realized gains (losses) on financial instruments) less royalties, operating costs and transportation expenses. Operating netback starts with field operating netback and subtracts realized gains (losses) on financial instruments. FFO netback starts with the Operating netback and further deducts general and administrative costs, finance expense and adds finance income. To calculate the net income (loss) netback, Yangarra takes the operating netback and deducts share-based compensation expense as well as depletion and depreciation charges, accretion expense, unrealized gains (losses) on financial instruments, any impairment or exploration and evaluation expense and deferred income taxes. FFO margins and operating margins FFO margins and operating margins are calculated as the ratio of FFO netbacks to sales price and operating netback to sales price, respectively. Please refer to the management discussion and analysis for the three and six months ended June 30, 2025, for further discussion on the Non-GAAP financial measures presented in this press release. Forward Looking Information This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results and business opportunities. Forward-looking information typically uses words such as "anticipate", "believe", "continue", "sustain", "project", "expect", "forecast", "budget", "goal", "guidance", "plan", "objective", "strategy", "target", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, including, but not limited to, statements on potential completion techniques being considered. Statements relating to "reserves" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. The forward-looking information is based on certain key expectations and assumptions made by our management, including expectations and assumptions concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of existing and future wells; reserve volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; benefits to shareholders of our programs and initiatives, the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to efficiently integrate assets and employees acquired through acquisitions, ability to market oil and natural gas successfully and our ability to access capital. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Yangarra can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on our future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect our operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website ( These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to publicly update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. All reference to $ (funds) are in Canadian dollars. Neither the TSX nor its Regulation Service Provider (as that term is defined in the Policies of the TSX) accepts responsibility for the adequacy and accuracy of this release. SOURCE Yangarra Resources Ltd.
