Global fleet leasing and management provider ALD has agreed to establish a joint venture in Thailand with Mitsubishi HC Capital Inc. and Bangkok Mitsubishi HC Capital Co., Ltd., a group company of Mitsubishi HC Capital Inc.

The new company will offer multi-brand, full service operational leasing and fleet management with related mobility products for corporate clients. The agreement is expected to close in 2Q.

Thailand is the second joint venture between Mitsubishi HC Capital Inc. and ALD, following the 2020 launch of ALD MHC Mobility Services Malaysia in Malaysia, as part of a strategy to jointly build a mobility business platform in the Association of Southeast Asian Nations (ASEAN) region, which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.  

The current auto leasing portfolio of Bangkok Mitsubishi HC Capital Co., Ltd. will be transferred to the joint venture company, which intends to expand its coverage to key international clients of ALD, other multinationals and local Thai entities, according to ALD.

Thailand, with approximately 759,000 motor vehicles sold in 2021, is the second-largest market in ASEAN. The market recorded sales of more than 760,000 units by November in 2022.  

“With car markets in Southeast Asia growing fast and strong global client demand expected in this region, we believe that as an early starter among our European peers, we will be able to develop successfully, as we have done in other emerging markets,” confirms Tim Albertsen, ALD CEO.

For more than a decade, ALD has had an established presence in the region through its subsidiary in India. At end September 2022, ALD’s total fleet amounted to 1.76 million vehicles managed worldwide with a direct presence in 43 countries.