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BEIJING, July 8 (TiPost)— More and more Chinese automobile companies rushed to Thailand for electric vehicle (EV) market expansion as pioneers including BYD have gotten payback.
Credit：Visual China
Chongqing Changan Automobile, China’s sixth largest EV manufacturer, confirmed it would build an EV facotory in Thailand with an investment in the first phase of US$ 260 million, or around 9 billion baht, during an investment roadshow led by Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI). Application for Changan’s Thai EV factory is now only awaiting for final approval from the Chinese authorities, and the leading Chinese state-run automobile group also plans to establish a research and development operation in Thailand in the future, Narit said.
The talks with Chery Automobile showed China"s fifth largest EV manufacturer is very interested to invest in Thailand, according to Narit. The company is in the process of negotiations with potential partners and considering suitable investment models in Thailand, and plans to enter the Thai market in early 2024 with the Chery Omoda 5 electric SUV as its first model, Narit said.
China’s No.1 EV maker BYD started building its first car plant in Thailand in March. The plant, located in the Eastern Economic Corridor (EEC) special zone in Rayong province, is scheduled to begin production in 2024, with an annual capacity of 150,000 vehicles, It is supposed to serve as a hub for the production and distribution of EVs in Thailand, neighboring ASEAN countries and other regions.
The same month saw Hozon Auto’s EV brand Neta Auto, or Nezha in Chinese, broke ground on its first production facility in Thailand as well as the first outside China. With an investment of about US$350 million, the facility in Bangkok is planned to go into operation at the end of January 2024 and has a capacity of around 20,000 vehicles per year.
The eco-friendly government is a key force to fuel Chinese automakers’ gold rush in Thailand, a market that has long been dominated by Japanese brands. The Thai government has set a clear goal for the country to become a regional hub for New Energy Vehicle (NEV) production, and been promoting the goal these years. It introduced in February 2022 a package of incentives including tax cuts and subsidies to promote EV consumption and production from 2022-2023. The Thai cabinet also approved stimulus to promote domestic manufacturing of EVs, including exemption of import duties on significant electrical parts between 2022 and 2025.
Together with BYD, SAIC Motor, the largest carmaker in China, and Great Wall Motorare Chinese vehicle pioneers to establish production base.
Great Wall Motor (GWM) settled its second full-production manufacturing outside China in Rayong Province, Thailand. The company acquired a former General Motors Co plant in 2021 and upgraded the factory into a smart one with production capacity of 80,000 units per annum. With a total investment of more than 22.6 billion baht, the new factory serves as GWM’s key production base for RHD vehicles in Southeast Asia. GWM is finalizing plans to invest up to US$30 million to set up a new battery pack assembly plant in Thailand, Narong Sritalayon, managing director of Great Wall Motor Thailand, said in May.
In 2013, SAIC Motor partnered with top Thai conglomerate Charoen Pokphland Group to establish a local venture SAIC Motor-CP Co., Ltd. in Thailand to tap into the Association of Southeast Asian Nations (ASEAN) market. The venture investing 500 million baht ($14.65 million) and started construction of its New Energy Industrial Park in Chon Buri province in late April. With the new park, SAIC aims to expand its EV capacity in Southeast Asia. The park covers an area of 120,000 square meters and comprises a facility for the development of battery modules, the production line for MG electric vehicles and the area for partnership development of MG car parts. The manufacturing facility has a maximum annual production capacity of 100,000 units.
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