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