Chinese EV bike maker to invest 10 billion baht over 5 years in EEC manufacturing set up
Thailand’s Eastern Economic Corridor (EEC) will this year welcome the newest member of the electric vehicle (EV) industry, SMOGO Holding Ltd, from China.
The company manufactures SMOGO brand EV bikes, batteries and relevant equipment.
The EEC Office recently met executives from SMOGO to discuss investment opportunities in the EEC area, which covers the eastern provinces of Chonburi, Rayong and Chachoengsao.
Chula Sukmanop, EECO secretary-general, said on Tuesday that SMOGO is planning to set up manufacturing facilities in Thailand. The aim of the company, which is a subsidiary of China-based Suzhou Harmontronics Automation Technology Ltd, is to produce up to 150,000 units per year in Thailand.
Under a joint venture with GI New Energy Ltd, SMOGO is looking to invest more than 10 billion baht over five years, starting late this year.
The meeting also discussed promotional privileges that Thailand offers high potential foreign investors in target industries, including benefits from investing in special economic zones and facilitation in obtaining permits.
SMOGO representatives added that the company is also planning to cooperate with local training institutes to provide vocational courses on EV technology with the help of experts from China. The programme would ensure that Thailand has adequate qualified personnel to feed its thriving EV industry.
To boost the adoption of EVs in Thailand, the National Electric Vehicle Policy Committee (EV Board) recently extended the second phase of subsidies for buyers of battery electric vehicles (BEV), also known as the EV3.5 package, which will be in use for four years from next year.
A subsidy of 50,000 to 100,000 baht will be offered to buyers of EVs depending on the battery size and retail price.
The board estimates that by 2030, 725,000 BEVs and 675,000 electric motorcycles will be made in the country.
