Chinese Battery Makers Invest Over 30 Billion Baht in Thailand

Technology Author: EqualOcean News, ChenZhiheng Apr 19, 2024 04:10 PM (GMT+8)

The Thai government is boosting its battery manufacturing industry following the launch of an electric vehicle incentive program as part of a plan to make Thailand the Southeast Asian regional hub for electric vehicles.

In an April 17 announcement by the Office of the Board of Investment (Thailand Board of Investment), Secretary General Narit Theodsatheerasak described how seven Chinese companies, including Ningde Times, China Innovation Aviation, Impulse Battery, YWL, Guoxuan Gaoke, Xinwanda, and Beehive Seven Chinese companies, including Ningde Times, Yinpai Battery, Guoxuan Gaoke, Xinwanda and Beehive Energy, are "very interested" in investing in Thailand, the announcement said. The announcement said at least two companies are expected to invest definitively in Thailand later this year, with the first phase totaling more than 30 billion baht (5.9 billion yuan).

The BOI secretary-general said the committee would soon meet with 10 of China's largest battery makers, including Ningde Times and AVIC Lithium, to discuss investment incentive programs, as well as with electric car maker Xiaopeng Auto to encourage the company to invest in Thailand. To date, the BOI has offered investment incentives to 103 projects worth a total of 77 billion baht in electric vehicle development and its supply chain.

In February, BOI Secretary General Narit Therdsteerasukdi said the Thai government would provide cash subsidies, which would be granted on a case-by-case basis, to companies wishing to build factories in Thailand to produce batteries, while the Thai government would also subsidize the cost of building the factories by 30-50 percent. In addition, the committee approved incentives for companies to convert large trucks and buses to electric vehicles.