Three China-based global manufacturers of batteries for electric vehicles (EV) have expressed interest in investing in Thailand, which would spur growth in the EV industry here, according to the government.
Government spokesman Anucha Burapachaisri said Prime Minister Prayut Chan-o-cha is pleased that several EV-related companies are looking to invest here, which speaks to the success of the government's policy to promote EV production.
Among those interested in a potential investment are three global manufacturers of EV batteries: Contemporary Amperex Technology Co Ltd, the world's market leader of EV battery production; the BYD, a major EV manufacturer; and SVOLT, a global EV battery maker affiliated to Great Wall Motor.
Last week, reports emerged that Chinese electric vehicle (EV) manufacturers are keen to become members of the Federation of Thai Industries (FTI) to help drive the fledging industry in Thailand.
Mr Anucha said on Saturday the prime minister has set his sights on making Thailand a hub for the EV industry in the region with investment promotion measures launched and more in the pipeline to attract investors.
According to ttb analytics, research centre of TMBThanachart Bank, the country's transition to EV vehicles will be fast, and players in the "EV ecosystem" will also have to adjust swiftly, particularly businesses dealing with installing electric charging stations.
EV sales are predicted to expand 28.8% on average every year until 2030 with the market for internal combustion engine (ICE) cars and plug-in hybrid electric vehicles already set to shrink by 9.6% and 6.6% next year.
By 2024, registrations of new EVs will jump to 292,000 per year, according to the research centre.
