Chinese

Chinese and other big business bet on Thai electric car market

BANGKOK — As the global automotive industry undergoes a radical shift toward electrification, Thailand, the manufacturing hub of Southeast Asia, is emerging as a new arena of competition for the world’s leading manufacturers.

China’s Great Wall Motors on Wednesday officially opened its first factory in Thailand’s Eastern Economic Corridor industrial zone of Rayong. It will focus on electric vehicle production for both the domestic market and export to ASEAN countries.

Great Wall is not the only big overseas company jumping into Thailand’s nascent EV market. Taiwan’s Foxconn has just announced a tie-up with Thai oil and gas conglomerate PTT to develop an EV production platform.

Key Apple supplier aims to meet the rising demand for EVs. Foxconn and PTT said they plan to spend around $2 billion to expand EV and EV parts production.

Analysts say the entry of Great Wall and Foxconn will intensify competition in the Thai auto

Read More

Chinese and other tech giants bet on smart car revolution

The electric car sector is becoming increasingly crowded as more tech companies jump on the bandwagon, pushing a radical shake-up of the 138-year-old global auto industry.

Chinese smartphone giant Xiaomi is the latest newcomer in the electric vehicle, race with a plan to invest $10 billion over the next decade. At a March event unveiling the company’s plans, billionaire founder and CEO Lei Jun called the new initiative “the most significant decision in Xiaomi’s history” and said it will require “full efforts for at least five to 10 years.”

Rumors of Xiaomi’s push into carmaking have been around for a while as the world’s third-largest smartphone manufacturer faces growing pressure to find a new source of growth outside the saturated phone market. The initiative reinforces a trend among tech companies to bet on a revolutionary transition to electric vehicles that are increasingly autonomous and connected.

Shortly before Xiaomi’s announcement, Chinese

Read More