16-7-2023 (BANGKOK) Chinese EV manufacturers have expressed interest in investing $1.44bn in the production of electric vehicles (EVs) in Thailand, according to Deputy Government Spokesperson Rachada Dhnadirek. Chinese manufacturers showed high interest in investing in Thailand during events organised by the office of the Eastern Economic Corridor (EEC) for local and foreign investors in various industrial groups, including modern vehicles, particularly EVs. Ms Rachada claimed the investment was expected to be over $1.44bn thanks to the Thai government’s investment promotion under the 30/30 policy. Under the policy, by 2030, Thailand’s production of EVs must constitute 30% of all vehicles produced in the country.
The arrival of Chinese EV manufacturers would help enhance the popularity of EVs in Thailand, the second largest car market in the Asean region, Ms Rachada said. According to the Ministry of Industry’s figures, in the first half of 2023, approximately 31,000 EVs were registered in Thailand, three times more than the number registered in the whole of 2022.
The Board of Investment (BOI) has stated that GSC Aion New Energy Automobile, China’s third largest EV-producing company, has agreed to spend 6,000 million baht in the first phase of investment in Thailand. Svolt Energy Technology (Thailand) Company, China’s producer of EV batteries in Thailand, has also made Thailand a production base – the first in the Asean region – with an investment of about 1,000 million baht. With Thailand as the production hub, EV batteries will be further exported to Indonesia and Vietnam.
“The government has continued to promote investments in the EEC and other major economic zones, particularly in the EV industry, since Thailand has the potential to be the hub for EV production. The BOI has offered promotional privileges and benefits to investors from all over the world,” Ms Rachada said.
