Asia Tech Wire (Feb 28) -- German automaker BMW AG's Thai arm announced on Wednesday that it plans to build an electric vehicle battery factory in Thailand in 2024.

It will soon finalize details such as the investment budget and production capacity of the new plant, BMW Thailand said.

In fact, as early as 2023, BMW Thailand said it was finalizing plans to build such a factory in Thailand.

Krisda Utamote, director of corporate communications at BMW Thailand, had said that the company was considering two options in terms of its EV assembly program in Thailand, either upgrading its existing plant, which produces vehicles powered by internal combustion engines, to incorporate EV production lines, or constructing a brand new EV plant.