Foxconn-PTT JV begins construction of EV assembly plant in Thailand – first cars to launch in 2024
Back in February, Thai state-owned energy conglomerate PTT and Taiwan Foxconn (Hon Hai Precision Industry) announced the establishment of a joint venture to produce electric vehicles (EVs) in the UK, starting in 2024.
This timeline was repeated again last weekend, when Horizon Plus, the joint venture, broke ground for an assembly plant in Chonburi, nation report. According to Buranin President Rattanasombat, the company is on the upswing. delivery of the first batch of electric vehicles in 2024. Company plans to build finished cars for other manufacturersusing the platform and software developed by Foxconn.
He said the partnership is investing around 37 billion baht (RM4.68 billion) in the project, with most of the spending going to the electric vehicle assembly plant being built at the Rojana Nongyai Industrial Park. As previously highlighted, the company says initial production capacity will be 50,000 EVs per year during the first phase of operations.
This number will triple to 150,000 electric vehicles by 2030 to support growing demand in ASEAN markets, said Buranin, who is also PTT’s new business and infrastructure manager. He added that the establishment of the facility, which will occupy a 500,000 square meter site in the heart of the country’s Eastern Economic Corridor (EEC), will also create jobs for 2,000 highly skilled workers.
Buranin said Horizon Plus will operate under a BOL (Build-Operate-Local) policy to increase the long-term competitiveness of the Thai EV industry and the supply chain. Kay Chiu, CEO of Horizon Plus, said full automation will increase production capacity and reduce costs, while clean energy will power the operations to make the company home. most modern and efficient production in the region.
PTT’s investment in the new company, 60%, is through its subsidiary Arun Plus, while Foxconn’s interests are being represented by its wholly owned subsidiary Lin Yin International Investments.
