A Thai official said on Saturday that China’s Hozon New Energy Automobile would construct electric vehicles in Thailand for the Southeast Asian market, joining others in the region’s auto production powerhouse.
Hozon struck a deal with Thailand’s Bangchan General Assembly this week to begin manufacturing its NETA V model in 2024, according to Thai government spokeswoman Tipanan Sirichana.
Tipanan said the EV company introduced its NETA V model in Thailand last year and expected to sell its U and S variants soon.
As domestic consumers choose Great Wall Motors and Tesla, other Chinese EV manufacturers, including BYD (002594. SZ), have invested in Thai operations. (TSLA.O)
Last month, a Thai official indicated China’s Changan Auto (000625. SZ) would spend $285 million on a Thai factory.
Toyota (7203.T) and Honda (7267.T) assemble and export cars in Thailand, Asia’s fourth-largest.
Tax cuts and incentives will help the nation become a major EV supplier outside China.
It aims to produce 30% of EVs domestically by 2030.
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