Asian Tech Press (SEP 15) -- According to media reports, Thailand's state-run energy group PTT PCL and Taiwan's Foxconn have signed an agreement to set up a joint venture to produce pure electric vehicles in Thailand.

The joint venture will invest $1 billion to $2 billion over the next five to six years to build a plant in Thailand's Eastern Economic Corridor (EEC). The platform in Thailand will use Foxconn's MIH (Mobility-In-Harmony) network to produce electric vehicles.

PTT CEO Auttapol Rerkpiboon stressed that the new joint venture will strengthen cooperation with local Thai companies to provide them with a full range of vehicle design and production, including not only battery modules and energy management systems, but also transmission systems and electrical and electronic architectures.

The new plant will be located in the Eastern Economic Corridor (EEC). According to the company's development plan for the next 5-6 years, US$1-2 billion or 30-60 billion baht will be invested to build the new plant, which is expected to achieve the mass production target of 50,000 vehicles per year in the first 2-3 years and expand to 150,000 vehicles in the future. Thailand is also expected to become the largest pure electric vehicle center in the region by then.

In June earlier this year, it was reported that Foxconn and PTT signed a memorandum of understanding to cooperate in the production of electric vehicles and their components for the Thai market. The two companies hope to produce electric cars and related components as early as 2023.

Foxconn aims to provide parts or services for 10 percent of the world's electric vehicles between 2025 and 2027.

Original title: PTT and Foxconn Announce Together Venture on Electric Vehicle Production Platform