Thailand approves $1B investment from China’s Sunwoda
Shenzhen-based battery maker Sunwoda is expected to create 1,000 jobs in Thailand for production of lithium-ion battery cells for EV manufacturers.
Thailand’s Investment Board has approved USD 1 billion investment from Chinese battery maker Sunwoda Electronic to build an EV battery plant.
Sunwoda is expected to create 1,000 jobs in Thailand for production of lithium-ion battery cells for EV manufacturers at a plant that would include manufacturing, research and product development, according to a report by Reuters.
The Shenzhen-based firm plans to build its factories in Thailand’s Eastern Economic Corridor area. The first factory, located in Chonburi Province, will be producing lithium-ion battery cells for EV manufacturers.
“Today marks a milestone in the development of Thailand’s EV supply chain, as having EV battery cells produced locally will significantly reinforce our status as a manufacturing hub for EVs and hybrids, and increase the country’s competitiveness,” said Narit Therdsteerasukdi, Secretary General of Thailand Board of Investment (BOI). “This project will also help widen the use of ESS and solar energy in our country, and, through the hiring of thousands of Thai engineers and workers, contribute to knowledge transfer in an industry which is of critical importance for the future.”
Thailand has been a hub in the conventional internal combustion engine (ICE) auto industry, ranking 10th in the world and number one in Southeast Asia as a manufacturer in 2023, according to a media release. Since it started promoting investment in the sector’s electrification, with government policies offering subsidies, tax breaks and other incentives to manufacturers and consumers, the country has attracted significant investments in the production of EVs and hybrids, the BOI said.
Chinese EV manufacturers such as BYD, SAIC Motor, Great Wall Motor, Hozon New Energy Automobile and GAC Aion are already making cars in Thailand. Chongqing Changan Automobile is scheduled to open its Thai factory in the coming weeks, while Chery Automobile is currently building its local manufacturing facility, the media release said.
