PTT Public Company Limited (PTT), an energy company, and Foxconn Technology Group (Foxconn) have created a joint venture (JV) to produce electric vehicles (EV) in Thailand. This large-scale project is expected to require around USD1 billions to USD 2 billion dollars in investments.
The initial manufacturing output is expected to be 50,000 automobiles annually, with the capacity increasing to 150,000 vehicles per year in the future. The Eastern Economic Corridor (EEC), a special economic zone in eastern Thailand, is a potential location for the proposed EV facility. Construction is expected to be completed by 2023 or 2024.
The two companies have been working on a collaborative electric car platform that combines hardware and software services since June 2021 but have yet to disclose technical details. This initiative is a part of the Government of Thailand’s aim of registering only EVs by 2035.