Thailand: PTT, Foxconn set up joint venture to manufacture EVs
Thailand’s PTT and China’s Foxconn have established joint venture company Horizon Plus to manufacture electric vehicles (EVs) in Thailand in the Eastern Economic Corridor (EEC).
Bangkok (NNT/VNA) - Thailand’s PTT 𒁃and China’s Foxconn haveestablished joint venture company Horizon Plus to manufacture electric vehicles(EVs) in Thailand in the𝐆 Eastern Economic Corridor (EEC).
The move is expected to propel the Kingdom as the EV manufacturing hub ofASEAN.
Dr Buranin Rattanasombat, PTT’s Senior Executive Vice President on Innovationand New Ventures, said the joint venture company will establish an EVproduction plant on a 350-rai plot of land in the special economic zone.
He also said the plant would be able to produce the first lot of EV sedans in2024. The factory will have an initial capacity to produce about 50,000 EVs peryear before increasing its capacity to 150,000 vehicles per year in 2030, inorder to meet demand locally and within the ASEAN region.
Dr Buranin added that the joint venture signifies Thailand’s prowess inmanufacturing Internal Combustion Engine (ICE) vehicles, as well as itspotential to produce EVs in the future. He said FOXCONN’s expertise andtechnology will greatly reduce the time and cost for manufacturing EVs inThailand.
He further noted that having a local EV factory will enable the Kingdom to makeprototype EVs, including sedans and buses, and will eventually give the publicaccess to a wider range of EVs in the future.
The joint venture also satisfies the policy of the Thai government to promotethe production and use of EVs, elevates EV manufacturing as an industry, andmoves Thailand towards achieving carbon neutrality./.
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