The Board of Investment (BoI) expects two Chinese electric vehicle (EV) makers to fuel growth of the Thai EV industry through their planned investments here.
Changan Automobile earlier announced a 9.8-billion-baht investment to develop EVs in three categories -- battery EVs, plug-in hybrid EVs, and range-extended EVs, also known as REEV -- as well as batteries for domestic sale and export.
Chery Automobile also plans to make an EV investment here next year.
"Both companies are large automakers. Changan Automobile is the fifth-largest EV maker in China, while Chery Automobile is ranked sixth," said Narit Therdsteerasukdi, secretary-general of the BoI.
He met executives of the two firms while the BoI held its latest roadshows in the Chinese cities of Chongqing and Chengdu between June 28-30.
Earlier in April, the board held roadshows in Guangzhou, Shanghai and Shenzhen.
"We met Zhu Huarong, president of Changan Automobile, who kept us updated on the company's EV investment in Thailand," said Mr Narit.
"The company is waiting for a final approval from the Chinese government to invest in Thailand."
Changan Automobile plans to launch a new EV model by the end of this year and carry out research and development on EV business, which would help improve the Thai EV industry, said Mr Narit.
He also learned from Chery Automobile that the company is in talks with its prospective Thai business partner to embark on the EV venture in Thailand.
Chery Automobile plans to launch new EV models in the sports utility vehicle segment in 2024.
The Thai government is trying to persuade foreign investors to invest in electric cars, which are among the targeted industries in the Eastern Economic Corridor.
The National EV Policy Committee announced in 2021 that it wants EVs to constitute 50% of locally made vehicles by 2030, part of an ambitious plan to make Thailand a regional EV hub.
According to the BoI, Chinese investors submitted 93 investment project proposals, worth 31 billion baht, to the BoI for investment privileges between January and May this year.
Their projects include car and auto parts, electronics, and chemicals.
