Ad
Ad
Ad
Ad
Ad
Ad
Ad
© Hon Hai Precision Industry Co. Ltd. Electronics Production | September 17, 2021

PTT / Hon Hai joint venture establish electric vehicle production in Thailand

The new automotive manufacturing plant will potentially root in ECC, including production system, supply chain management, and engineering research and development center. The investment worth USD 1-2 billion and aims to promote the country as ASEAN's EV hub.

Following the signing, a joint venture company will be formed. Original Equipment Manufacturers (OEMs) in Thailand are welcome to participate in an end-to-end operation including designing, manufacturing, assembling EVs, and producing major parts such as battery platforms, drivetrains, and motors. The 5-6 year investment plan will commence with constructing a new plant, potentially located in the Eastern Economic Corridor (EEC) area and setting up a production system, supply chain management, and an engineering research and development center with an investment worth USD 1-2 billion, a press release reads. The plant will produce entire EVs with Foxconn's advanced technology covering a complete hardware and software platform that will significantly reduce the design development duration and the cost of EV manufacturing while increasing EV market competitiveness. It will take approximately 2-3 years to set up and start with an initial manufacturing target of 50,000 cars/year into the market in the first phase and will extend to 150,000 cars/year in the coming future. "This joint venture will stimulate national investment as well as enhance Thai people's skills and vocations. Following the success in the first phase, we will expand the investment further. This initiative will not only help increase business potential on the world stage, but also respond to the government policy and direction of promoting electric vehicles, which intend to accelerate the electric vehicle industry to be one of the outstanding S-Curve industries, driving Thailand to further achieve greenhouse gas reduction targets." added Mr. Auttapol. “Our belief in innovation has always been a core value at Hon Hai and it is evident that PTT shares the same DNA as us, truly making them our ideal commercial partners. The ASEAN EV market is primed for exponential growth and together with PTT, we are confident that we would be able to create infinite possibilities for Thailand's new energy vehicle industry. We look forward to this next phase of our partnership with PTT and believe this joint venture will propel us further in the realization of Thailand 4.0.” said Mr. Young Liu, Chairman and CEO of Hon Hai.
Image: Mr. Auttapol Perkpiboon, CEO and President of PTT Public Company Limited, and Mr. Young Liu, CEO and Chairman of Hon Hai Precision Industry Co., Ltd. Foxconn
Ad
Ad
October 14 2021 5:14 pm V18.25.1-1