China carmakers to invest RM6.7 billion to produce EVs in Thailand – over 31k EVs sold in first half of 2023

Another Chinese EV maker investing in Thailand is BYD, which is putting up 17.9 billion baht (around RM2.4 billion) for a new facility in Rayong, which is expected to roll out 150,000 cars annually from 2024 for domestic and export markets. In May this year, China’s Hozon New Energy Automobile and Bangchan General Assembly inked an agreement that will see production of the Neta V commence in Thailand beginning next year.

According to the Thailand Board of Investment (BOI), further deals are in the pipeline, with Changan Automobile set to invest 9.8 billion baht (around RM1.3 billion) to set up its first right-hand drive EV factory outside of China.

Other brands on their way in include Aion – a subsidiary of Guangzhou Automobile Corporation (GAC) – that will invest 6.4 billion baht (around RM857 million) to produce EVs in Thailand, while Chery Automobile is said to enter the market next year with “strong interest” in investments. Geely is also in the midst of evaluating EV models for import and local manufacturing.

At present, Thailand is a big market for EVs in Southeast Asia with 51,000 units sold in 2022. In the first half of 2023, over 31,000 EVs were registered in Thailand, no doubt helped by government subsidies to narrow the price gap between EVs and combustion engine cars.

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