South Korean EV manufacturers preparing to plug into Thailand
Manufacturers of electric vehicles (EV) from South Korea have expressed interest in investing in Thailand for the manufacturing of small EVs, motorcycle EVs, and EVs for agriculture, according to the Thailand Board of Investment (BOI).
About 20 South Korean businesses from the Korea Smart E-Mobility Association (KEMA) and Kang Jong-man, mayor of Yeonggwang-gun, recently met with BOI representatives to discuss EV investment in Thailand, BOI secretary-general Narit Therdsteerasukdi said on Friday.
The BOI also invited Thai companies to join the session to discuss future business cooperation, including Panus Assembly Co and Next Point Plc, which are engaged in commercial EVs and buses.
Yeonggwang-gun is South Korea's leading e-mobility city and is the first city where policies were changed to increase EV usage. It now has the highest rate of EV usage in South Korea.
Narit said the meeting helped shape the future of South Korea’s investment in the EV industry in Thailand to cover more products other than passenger cars. These products are, for example, EV motorcycles and scooters, EV for agricultural uses, and two-seater EV.
He added that in the past three years several foreign EV makers have established production facilities in Thailand for the domestic and export markets, such as BYD, Great Wall Motor, Neta, and Benz EQS.
There are still several companies who are in the negotiation process and are expected to file for investment promotion privileges with the BOI from now until early next year, said Narit.
According to the Electric Vehicle Association of Thailand, about 37,000 electric vehicles were registered in Thailand in the first seven months of this year. Last year, the total was just 9,600.
