Foxconn and PTT to build EV plant in Thailand
Horizon Plus, a joint venture between Foxconn and energy company PTT, will establish a new EV manufacturing plant that occupies an area in Thailand's Eastern Economic Corridor.
The joint venture is aiming to supply electric vehicles to the market by 2024, a press release reads.
Horizon Plus says it is ”determined to cooperate with all automotive brands who are interested in developing EV prototypes and supporting EV manufacturing in Thailand and in the ASEAN region”.
The agreement was co-signed by Mr. Kay Chiu, General Manager of ETVG sub-division of E Business Group at Hon Hai and CEO of Horizon Plus Co., Ltd., Mr. Ekachai Yimsakul, Managing Director of Arun Plus Co., Ltd., and a Director of Horizon Plus Co., Ltd., and Mr. Chai Vinichbutr, Vice President of Rojana Industrial Park Public Co.,Ltd.
According to a Digitimes report, construction is expected to begin during the fourth quarter this year. The annual production capacity during the first two to three years will reach 50’000 vehicles, followed by 150’000 by 2030.