Thailand Leads ASEAN In Electric Vehicle Production

[艹艹艹]

Thailand Leads ASEAN In Electric Vehicle Production

Thailand's Electric Vehicle Industry Grows by 81 % in 4 Years

Mar 17, 2020

BANGKOK, March 17, 2020 /PRNewswire/ -- Today the Thailand Board of Investment announced that Thailand has received more foreign direct investment supporting the country's growing electric vehicle production ecosystem.

According to the Electric Vehicle Association of Thailand, the number of companies that are part of Thailand's electric vehicle industry has risen significantly since 2015, from 76 to 420 in 2019. This increase represents an increase of over 81 percent growth in the number of companies operating in Thailand's electric vehicle ecosystem.

Thailand is the largest producer of vehicles in the ASEAN region and the 11th largest automotive producer in the World, producing more that 2.17 million units in 2018. With a population of over 645 million consumers in ASEAN alone, the industry is projected to grow even more as demand across the rest of Asia increases.

Electric vehicle battery production is growing in Thailand, with manufacturing plants operated by SAIC, Honda, Toyota and a recently announced Mercedes production facility.

"We are pleased to welcome the location of a Mercedes-Benz battery production facility to the Bangkok region," said Vorawan Norasucha, Director of the New York office of the Thailand Board of Investment, "The new Mercedes facility is the third of its kind in Mercedes' global battery production network, designed to produce plug-in hybrid automotive batteries."

With the investment, Mercedes-Benz and its partners are responding to high demand for electric mobility in Thailandand throughout the ASEAN region. The plant is a welcomed addition to Thailand's automotive ecosystem, as the country makes efforts to shift toward carbon neutral mobility solutions.

"Thailand is making great progress in the area of sustainable mobility," added Ms. Norasucha,"We offer a range of tax incentives for automotive companies focused on electric vehicle parts production, as well as fuel efficient vehicle assembly."

Mercedes joins other large multinational automotive companies with energy efficient vehicle operations in Thailand. Toyota, Honda, Nissan, Mazda, Mercedes, BMW,and Audi produce hybrid, battery powered and plug-in hybrid electric vehicles in Thailand.

 

[艹艹艹]

Car Makers Ramp Up Electric Vehicle Production Capacity in Thailand, Investment Board Says

Thailand Board of Investment (BOI)
Jun 30, 2020, 09:00 ET

BANGKOK, June 30, 2020 /PRNewswire/ -- Amid the rising adoption of cleaner cars around the globe, the Thailand Board of Investment (BOI) has already approved 24 projects by car makers to produce in the country electric vehicles of all types, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), with a combined capacity of over 500,000 units per year, BOI data shows.

With the ongoing shift towards EV in the global, regional and domestic markets, Thailand is counting on its strong foundation in the automotive and support sectors, as well as its strategic location, and comprehensive investment incentives to attract car makers investment in EV manufacturing.

The approved projects include Mitsubishi Motors (Thailand) Co., Ltd.'s 5.48 billion baht investment to upgrade the company's existing car production line at Laem Chabang Industrial Estate to allow the annual production from 2023 of a total of 39,000 vehicles, consisting of 9,500 BEVs and 29,500 HEVs. In June, the BOI also approved a 5.5 billion baht investment by Sammitr Group for the production, in Phetchaburi Province, of 30,000 BEVs. Both projects, like most others, will aim at the local market and exports, mainly to other ASEAN countries.

Other manufacturers which projects have been approved include BMW (production of PHEVs and partnership with the DRÄXLMAIER Group for the production of high-voltage batteries and battery modules), FOMM, a new Japanese EV brand which name means "First One Mile Mobility", which has started making compact BEVs at a plant in Chonburi province, and Nissan Motor which has for several years made significant investment in hybrid car production in Thailand and received approval recently for a new BEV production project.

Besides the 5 HEV projects, 6 PHEV projects and 13 BEV projects approved since the BOI first rolled out a comprehensive set of incentives covering all major aspects of the EV supply chain, the agency has also approved 10 battery production projects with a total capacity of half a million units per year and 2 charging station production projects that will make more than 4,400 outlets per year, Ms. Sonklin Ploymee, Executive Director of the BOI's Industrial Linkage Development Division, told a recent webinar about the Electric Vehicle Market in Asia.

Thailand, Southeast Asia's largest automotive production hub has no local content requirement for auto industry, making supply chain management more convenient for manufacturers, Ms. Sonklin said at the event, which was part of the ASEAN Sustainable Energy webinar series on the impact of the COVID-19 outbreak.

In Thailand, EV adoption has been growing continuously, with more than 30,000 new HEVs/PHEVs and more than 1,200 battery electric cars and motorcycles registered in 2019, with approximately 750 charging outlets were setup in some 500 locations, according to Mr. Krisda Utamote, Vice President of the Electric Vehicle Association of Thailand.

BloombergNEF's Allen Abraham told the webinar that projections show that in 2020, due to the impact of the coronavirus, the market will see the first decline of passenger EV sales, down by 18% from the previous year to 1.7 million units. However, a quick recovery is expected with passenger EV sales rising to a projected 5.4 million units in 2023. The growth, especially in China and Europe, he pointed out, is driven by policy support and the development of lithium-ion battery.

SOURCE Thailand Board of Investment (BOI)

 

[艹艹艹]

Nissan picks Thailand as sole regional production base
Asia News Network | Publication date 27 August 2020 | 22:00 ICT


A man walks past a logo of Japanese automaker Nissan Motor Co. AFP

Japanese automaker Nissan Motor Co has closed its factory in Indonesia and plans to make Thailand its lone manufacturing base in ASEAN with a long-term business plan, Thai Minister of Industry Suriya Juangroongruangkit said.

The minister was speaking after discussions with Nissan Motor (Thailand) Co president Ramesh Narasimha about Nissan closing its factory in Indonesia to consolidate the production base for export in Thailand, its only base in the ASEAN region.

Recently, the company launched Nissan Kicks, a 100 per cent electric car without charging which brings the new e-Powers technology to the cars manufactured in Thailand.

In addition, Suriya said the company has announced a long-term business plan in Thailand for both hybrid car manufacturing and electric cars, which has been approved by the Board of Investment.

This shows investor confidence in the direction and policy of the government’s automotive industry development, he said. This will benefit employment and the economy of Thailand further.

As for measures to support the production of electric cars in Thailand, the ministry has reassured on car procurement for executives in government agencies and state enterprises.

The ministry has assigned relevant agencies to discuss with the Budget Office to further define the characteristics of electric vehicles which will allow government agencies to purchase electric cars for use.

Suriya said other measures to support electric vehicles, such as additional benefits for people who buy electric vehicles, will be discussed and pushed under the National Electric Vehicle Policy Committee to enable Thailand to achieve its goal of becoming the world’s major electric vehicle production base.

Thailand endeavors electric vehicle roadmap
September 1, 2020

The Ministry of Industry aims to increase electric car production to 30 percent of the total car production over 10 years.

From now on, the Thai automotive industry will move towards advancing technology driven by electricity. The Ministry of Industry aims to increase electric car production to 30 percent of the total car production over 10 years and will launch measures to encourage people to exchange their old cars for new electric vehicles.


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Industry Minister Suriya Juangroongruangkit told the “New Generation of Automotives” seminar this week, about the Thai electric vehicle industry’s development plan. The short-term goal is to produce more than 60,000-110,000 government vehicles, public buses, electric taxi motorcycles and other personal vehicles. The medium-term goal is to produce about 300,000 ECO electric vehicles (EVs) and Smart City buses. The immediate goal is to produce 750,000 EVs.

Industry Minister Suriya Juangroongruangkit.

The Ministry of Industry will accelerate an improvement in the quality of electric vehicles and study guidelines for continual industry development in order to promote the recycling of materials according to the concept of a circular economy, to achieve a systematic vehicle management mechanism.

The Ministry of Industry will offer tax incentives for individuals and companies to exchange their old cars for new cars or electric vehicles. The scheme will apply to used cars 15 years old or older and will boost sales of new cars and e-vehicles and reduce pollution. The scheme is being discussed by the Ministry of Industry, private agencies and related agencies. (NNT)

The medium-term goal is to produce about 300,000 ECO electric vehicles (EVs) and Smart City buses. The immediate goal is to produce 750,000 EVs.

The “New Generation of Automotives” seminar this week, about the Thai electric vehicle industry’s development plan.

 

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China's Great Wall Motors hints at B22bn investment
PUBLISHED : 24 SEP 2020 AT 04:00

Chinese carmaker Great Wall Motors Co (GWM) is strengthening its production base in Thailand with an investment of 22 billion baht as it seeks a foothold in the electric vehicle (EV) segment promoted by the government.

GWM's business, including its plan to sell sport-utility vehicles (SUVs) and pickups early next year, should "generate investment worth 22 billion baht and create jobs for 3,435 people," said Industry Minister Suriya Jungrungreangkit after a recent talk with Zhang Jiaming, president of GWM's Asean operations unit.
The firm expects its car production facility upgrade will be complete in the final quarter this year.

GWM is interested in making internal combustion engine (ICE) cars and a range of EVs such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles.

"The company reported to the ministry its car production capacity in Thailand stands at 80,000 units per year," said Mr Suriya.

He said GWM will continue its investment in Thailand because of the state policy to promote the EV industry and strong market potential in Thailand and Asean countries.

The company plans to develop batteries and electric engines that can save more power for HEVs and PHEVs.

Mr Suriya said GWM expects to use 45% local materials for its first lot of car production next year and increase the proportion to 90% by 2025.

The Thai factory is GWM's sixth overseas SUV assembly plant, following those in Bulgaria, Iran, Malaysia, Russia and Senegal. All plants serve domestic and export markets.

In 2013, GWM announced plans to invest about US$300 million to set up a SUV production plant in Thailand.

Thailand is the largest car producer in Southeast Asia and in the top 10 globally. Most manufacturers come from Japan, but there has been increasing interest from Chinese carmakers, including Chery Automobile and Dongfeng Motor Corp.

GWM is China's largest producer of SUVs and one of the biggest producers of pickups.

 

[Viet]

Thai big bet on cars will end in disaster. They believe Vietnam will never have own automobiles industry and will forever rely on imports. The Japanese build massive capacity in Thailand but who will buy those cars? Thai economy expectedly shrinks by 8 percent this year.

 

[nufix]

Thai big bet on cars will end in disaster. They believe Vietnam will never have own automobiles industry and will forever rely on imports. The Japanese build massive capacity in Thailand but who will buy those cars? Thai economy expectedly shrinks by 8 percent this year.

SE Asia market is quite big, Thailand is surrounded by 3 countries with a population over 100 million. There will always be some space in the market.

 

[Nike]

Thai big bet on cars will end in disaster. They believe Vietnam will never have own automobiles industry and will forever rely on imports. The Japanese build massive capacity in Thailand but who will buy those cars? Thai economy expectedly shrinks by 8 percent this year.

Vietnam lately import more cars from Thailand and Indonesia, valued at hundreds million US Dollar just for several months sales.

 

[Viet]

Vietnam lately import more cars from Thailand and Indonesia, valued at hundreds million US Dollar just for several months sales.

more cars from Indonesia less from Thailand
but overall imports are declining.

 

[艹艹艹]

India's Royal Enfield to begin making motorcycles in Thailand
British-bred brand looks to win over ASEAN with cult image and low prices
September 25, 2020 14:37 JST

Royal Enfield motorcycles are substantially cheaper than other models in Thailand, where its sales doubled in the last fiscal year. © Reuters

BANGKOK -- India-based motorcycle maker Royal Enfield is setting up an assembly plant in Thailand next year as it continues its Southeast Asian expansion drive.

The Thai facility will be the second overseas plant for the company after its factory in Argentina. It is scheduled to begin operation by the end of September.
On Thursday, U.S.-based Harley-Davidson announced its withdrawal from the Indian market -- a stark contrast to Royal Enfield's efforts to expand globally.

One of the oldest motorcycle brands in the world, British-bred Royal Enfield has survived two world wars and has seen 2019 year-on-year sales in Thailand more than double to 3,146 units.

Encouraged by growing sales in Thailand, the company is setting up the assembly plant as a hub for exports to other countries in the Association of Southeast Asian Nations, including the motorcycle-intensive markets of Indonesia and Vietnam.

Thailand is the largest automobile manufacturer in Southeast Asia, hosting primarily Japanese, U.S. and Chinese automakers. In the motorcycle sector, Japan's Honda Motor and Yamaha Motor as well as Harley-Davidson have set up factories there.

Royal Enfield motorcycles were first produced in Britain in 1901. After the parent company ceased operations in the U.K. in the early 1970s, its Indian operations took up the slack. In 1994, the company was acquired by Indian commercial vehicle maker Eicher Motors, which now owns the iconic brand.

"We are bringing our success from India into Thailand with the goal to be number one in the midsize motorcycle market in Thailand," Royal Enfield Thailand CEO Siddhartha Lal said in an email to the Nikkei Asian Review, referring to motorcycles in the 250 cc to 750 cc class.

The Thai factory will be a completely knocked-down facility in Chachoengsao Province, part of an industrial zone the government has been keen on promoting. Such factories assemble individual parts into finished vehicles. At least 40% of parts will be local, while the rest would be shipped from India, with operations expected to start in April 2021.

Kasem Kawchari, marketing manager of the Thai unit, said the company will be able to produce 4,500 to 5,000 units in the first year, which is also the target for sales. "I think we have been gaining a greater customer base in Thailand due to our accessible prices and marketing events designed to create Royal Enfield's [customer base] in Thailand," said Kasem.

The price of the popular Interceptor-650 model is around 219,000 baht ($7,000) -- well below other brands in roughly the same class, which cost around 800,000 baht.

Royal Enfield has 36 showrooms in Thailand and is planning to open similar shopfronts in Vietnam, the Philippines, Malaysia and Indonesia over the next few years, Kasem said.

 

[艹艹艹]

China's Great Wall Motors hints at B22bn investment
PUBLISHED : 24 SEP 2020 AT 04:00

Chinese carmaker Great Wall Motors Co (GWM) is strengthening its production base in Thailand with an investment of 22 billion baht as it seeks a foothold in the electric vehicle (EV) segment promoted by the government.

GWM's business, including its plan to sell sport-utility vehicles (SUVs) and pickups early next year, should "generate investment worth 22 billion baht and create jobs for 3,435 people," said Industry Minister Suriya Jungrungreangkit after a recent talk with Zhang Jiaming, president of GWM's Asean operations unit.
The firm expects its car production facility upgrade will be complete in the final quarter this year.

GWM is interested in making internal combustion engine (ICE) cars and a range of EVs such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles.

"The company reported to the ministry its car production capacity in Thailand stands at 80,000 units per year," said Mr Suriya.

He said GWM will continue its investment in Thailand because of the state policy to promote the EV industry and strong market potential in Thailand and Asean countries.

The company plans to develop batteries and electric engines that can save more power for HEVs and PHEVs.

Mr Suriya said GWM expects to use 45% local materials for its first lot of car production next year and increase the proportion to 90% by 2025.

The Thai factory is GWM's sixth overseas SUV assembly plant, following those in Bulgaria, Iran, Malaysia, Russia and Senegal. All plants serve domestic and export markets.

In 2013, GWM announced plans to invest about US$300 million to set up a SUV production plant in Thailand.

Thailand is the largest car producer in Southeast Asia and in the top 10 globally. Most manufacturers come from Japan, but there has been increasing interest from Chinese carmakers, including Chery Automobile and Dongfeng Motor Corp.

GWM is China's largest producer of SUVs and one of the biggest producers of pickups.

GWM Signs Definitive Agreement with GM to Purchase Manufacturing Facility in Thailand
GWM (Great Wall Motors) officially signed a share sales and purchase agreement with GM (General Motors) to acquire GM’s production facilities in Rayong, Thailand
October 3, 2020

Bangkok – GWM (Great Wall Motors) officially signed a share sales and purchase agreement with GM (General Motors) to acquire GM’s production facilities in Rayong, Thailand, as the company pave way to make Thailand its ASEAN production base for domestic and export for new energy vehicles and internal-combustion engine models.

With a plan to begin its production in the first quarter of 2021, GWM is set to transform Thailand and the region’s automotive industry as part of its vision to be a “Global Mobility Technology Company”.
GWM’s move to set up its production base in Thailand kicked off in February this year when the company started negotiation with GM to acquire, under a signed binding term sheet, GM Thailand and GM Powertrain Thailand legal entities, which include the Rayong vehicle assembly and powertrain facilities.

The two companies have reached a conclusion recently and officially signed the Share Sales and Purchase Agreement (SSPA), represented by Elliot Zhang, President, GWM ASEAN & Thailand, and Joseph Urso, Director of Corporate Development, Global Mergers & Acquisitions, GM International. Rayong plant is remarked as the eleventh full-scale automobile manufacturing base of GWM worldwide.


“GM is pleased to see that the world-class Rayong production facilities will continue to play an important role in the development of the Thai and ASEAN automotive industry and the broader economic development of the Kingdom of Thailand”.

JOSEPH URSO, DIRECTOR OF CORPORATE DEVELOPMENT, GLOBAL MERGERS & ACQUISITIONS, GM INTERNATIONAL, COMMENTED,

GM opened its first diesel engine plant in Southeast Asia in Thailand’s industrial Rayong province on September 9, 2011.

lliot Zhang, President, GWM ASEAN & Thailand, revealed, “while ASEAN automotive industry is clearly on its growth trend, Thailand has strong fundamentals as a leader in this industry and is regarded as one of the world’s best locations to establish an automobile production base, thanks to its readiness in terms of workforce and well-developed automotive ecosystem.

Upon handover of assets as a result of the signing, this engine and vehicle production hub will be renovated and undergo system upgrades to become a smart factory by GWM’s global standards for an automobile production hub. It will boast GWM’s expertise and capability in SUV and pickup truck production, including advanced powertrain technologies, giving it the ability to produce internal combustion engine (ICE) vehicles and electric vehicles such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). Moreover, it will be fully equipped with production automation innovations and technologies, such as AI, to maximize operational efficiency.

GWM will also invest in production equipment and product research and development for Thai and Southeast Asian markets as well as skills development of the production workforce.”

GWM is expanding its business and brand presence across the world with a vision to be a “Global Mobility Technology Company” that enhances people’s lives with technology and innovation. Currently, the company has 10 R&D centers in 7 countries and operates 15 factories worldwide where Thailand will be the latest addition.

Thai production hub will become operational in the first quarter of 2021 with automobile production capacity of 80,000 units per annum. In addition to bringing job opportunities to people and growth to the automotive supply chain, the new investment by GWM will contribute to R&D progress in support of Thailand’s automotive industry development and help spur related industries to enable continued growth of the Thai economy at large.

 

[艹艹艹]

Foxconn Strikes Multibillion-Dollar EV Pact With PTT in Thailand
May 31, 2021, 5:00 AM EDT Updated on May 31, 2021, 6:57 AM EDT

• State-owned PTT to work with Foxconn on electric-car platform
• Partners to offer platform to manufacturers in Southeast Asia

Foxconn Technology Group struck a multibillion-dollar electric-vehicle partnership in Thailand, its latest move to expand in the fast-growing industry at a time more tech companies including Apple Inc. are looking to bulk up their automotive muscle.

The Taiwanese electronics giant and Thailand’s state-owned conglomerate PTT Pcl will collaborate on hardware and software for producing EVs, according to a statement from the companies Monday. About $1 billion will be invested in the venture initially, rising to a possible $2 billion at a later stage, PTT said.

Thailand’s government is prioritizing the EV industry and wants to maintain the country’s leadership in automotive manufacturing and exports, Prime Minister Prayuth Chan-Ocha said at an event to mark the occasion. Such a focus will also help Thailand reduce its greenhouse gas emissions, he said.

Thailand, a production hub for companies including Toyota Motor Corp. and BMW AG, wants to become a force in electric cars while fighting its toxic air pollution. Foxconn, meanwhile, is broadening its push into EVs as electronics brands -- its core customers -- are looking to challenge traditional automakers in the market for battery-powered cars.

Thailand Lays Out Bold EV Plan, Wants All Electric Cars by 2035

EVs have risen in prominence in recent months, with everyone from established automakers like Ford Motor Co. to smartphone purveyor Xiaomi Corp. making big investments in the category. A Foxconn EV platform will be used in two light vehicles set to be introduced in the fourth quarter of this year, Chairman Young Liu said in February.

The Taiwanese company has also inked manufacturing deals with Chinese startup Byton Ltd. and U.S.-based Fisker Inc., and reached an agreement to partner with Jeep maker Stellantis NV, one of the world’s biggest automakers, on a joint venture to develop digital car cockpits. Foxconn, which builds electronics including iPhones, is among a coterie of suppliers and assemblers set to vie for a role in the production of a potential Apple car.

The new joint venture will offer its EV platform to automotive manufacturers in Thailand and elsewhere in Southeast Asia.

 

[Beast]

Thai big bet on cars will end in disaster. They believe Vietnam will never have own automobiles industry and will forever rely on imports. The Japanese build massive capacity in Thailand but who will buy those cars? Thai economy expectedly shrinks by 8 percent this year.

Sourgraped loser.

 

[艹艹艹]

Foxconn and Thailand's PTT aim to rule EV market in Southeast Asia
Bangkok cheers venture by energy group hoping to start production in 2023
MASAYUKI YUDA, Nikkei staff writerSeptember 15, 2021 02:32 JST

BANGKOK -- Thai oil and gas group PTT signed a joint venture deal with leading contract electronics producer Foxconn on Tuesday to make electric vehicles, propelling Bangkok's strategy to turn Southeast Asia's second-largest economy into the region's top manufacturer and exporter of EVs.

The state-owned PTT and the Taiwanese manufacturer look to produce EVs and related parts as early as 2023.

The investment will help Thailand become the center of electric vehicle production in Southeast Asia, PTT President and CEO Auttapol Rerkpiboon said in a statement Tuesday.

Attapol anticipates production will begin in two to three years with 50,000 vehicles annually, as the partners look to reach 150,000 units per year. The venture will invest $1 billion to $2 billion over five to six years for a plant in Thailand's Eastern Economic Corridor special zone, with a research and development facility as part of the project.

PTT's wholly-owned subsidiary Arun Plus will hold a 60% stake in the venture company, while Foxconn's wholly-owned affiliate Lin Yin takes up the rest. The company is expected to complete the registration process by the fourth quarter of 2021. Registered capital will not exceed 3.22 billion baht ($98 million), according to the statement.

Spattanapong Punmeechaow, Thailand's deputy prime minister and energy minister, presided over the signing ceremony Tuesday, highlighting the EV industry's importance to the country. The deal advances a memorandum of understanding exchanged in May by PTT and Foxconn to collaborate in creating an open platform for producing EVs and key components to serve Thailand's auto sector.

Thailand's automobile manufacturing industry emerged in the 1960s, when Japanese carmakers rolled in to set up local entities. The kingdom later set out to become Southeast Asia's auto manufacturing and exporting hub after the 1997 Asian financial crisis. This strategy created jobs and transferred technology that helped the Thai economy.

Bangkok does not want to relinquish this hub status, even after the industry shifts mainly to EVs. The National New Generation Vehicle Committee, chaired by Supattanapong, set a bold target to raise zero-emission cars to 30% of Thailand's total unit sales by 2030. The committee also hopes that 50% of the cars made in Thailand will be full electrics by the same year.

In an effort to develop the infrastructure for EVs, the government also approved investment incentives for battery charging and swapping businesses in mid-May.

PTT and Foxconn are not the only newcomers in the local industry. China's Great Wall Motors opened its first factory in the Eastern Economic Corridor during June, focused on producing EVs for both the domestic and regional market.

The new players could shake up the market in Thailand, where Japanese brands such as Toyota Motor, Nissan Motor and Honda Motor hold a 90% share. The companies see potential in EVs, but they are less aggressive in shifting their production from gasoline-powered vehicles.

EV manufacturing is a comparatively easy market to enter, as electrics contain fewer mechanical parts than gas-powered vehicles. Existing automobile makers, including those from Japan, face greater difficulty in shifting production to EVs as they must review and partially reconstruct their supply chains. The process could cause job losses at some mechanical parts producers, while creating more jobs for electrical parts producers and IT services.

Among consumers across Southeast Asia, 66% think they will adopt electrified mobility in the near future, according to a study by Frost & Sullivan commissioned by Nissan and published in February.

 

[MH.Yang]

I have always believed that the manufacturing industries in Indonesia and Malaysia are the strongest in ASEAN.

 

[艹艹艹]

Ford invests $900 mln to modernise Thai auto plants
December 8, 20212:18 PM CST

BANGKOK, Dec 8 (Reuters) - Ford Motor Co (F.N) is investing $900 million to upgrade factories in Thailand that build its Ranger pickup truck and Everest SUV, its largest-ever investment in the country.

The plan includes a near doubling of the number of robots at its Thai manufacturing plant and at AutoAlliance Thailand, a venture with Mazda Motor Corp (7261.T), while $400 million of the investment will go towards its supply chain network.

It will also add a second shift to the Ford plant which will result in as many as 1,250 new jobs, bringing its workforce in Thailand to more than 9,000.

The move contrasts with the closures of three of its plants in Brazil this year, part of a $11 billion global restructuring and its strategy to achieve 8% global operating margins. It is also pulling out of production in India where it has long struggled to make profit.

Thailand is Asia's fourth-largest auto assembly and export hub, accounting for about 10% of the country's GDP and manufacturing jobs.

Last year, General Motors (GM.N) sold its Thai factories to China's Great Wall Motor, which has begun producing SUVs and plans to make electric vehicles in the country.

Thailand's state-owned energy firm PTT Pcl (PTT.BK) has said it will invest $1 billion to $2 billion in an EV plant with Taiwan's Foxconn < 2317.TW>.