New EV plant by Foxconn, PTT to build up to 150,000 vehicles a year
This second feature of a 3-part series on Thailand’s electric-vehicle scene takes a closer look at what this 36-billion baht facility can do once it’s ready by 2024
THAILAND’S push to become an electric vehicle (EV) production hub received a big push in February, with the launch of Horizon Plus, a joint venture between Taiwan’s Foxconn Technology Group and Thailand’s state-owned petroleum conglomerate PTT.
Recently, Thailand’s Board of Investment granted tax privileges and benefits to Horizon Plus. This month, the joint venture bought a 50-hectare plot of land in an industrial estate on the Eastern Economic Corridor to build its EV manufacturing plant. The plan is for it to be operational by 2024.
Once the 36 billion baht (S$1.4 billion) facility is up and running, Horizon Plus aims to have an initial production capacity of 50,000 EV cars annually for the first few years, and then to scale this up to 150,000 units by 2030.
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