Taiwan-based manufacturing giant Hon Hai said Saturday that a joint venture with Thai state-owned oil supplier PTT Public Co. had broken ground on an electric vehicle factory in Thailand.
The joint venture, Horizon Plus, had previously stated it intends to invest around US$1 billion in the electric vehicle manufacturing plant in the Rojana Nong Yai Industrial Estate.
In a statement, Hon Hai said the Horizon Plus plant would begin manufacturing in 2024, and initially produce 50,000 vehicles a year, with the aim of scaling up annual production to 150,000 cars a year by 2030.
PTT Chairman Thosaporn Sirisumphand described Saturday’s groundbreaking ceremony as an significant step in Hon Hai and PTT’s ambitions to promote electric vehicles in Southeast Asia.
PTT President and Chief Executive Officer Auttapol Rerkpiboon added that the joint venture would also invest in research and to bolster the development of the electric vehicle industry Association of Southeast Asian Nations countries.
In addition to cars, Horizon Plus will also use part of the 500,000-square-meter site to produce components for electric vehicles, according to the statement.
Hon Hai, known as Foxconn globally, has invested heavily in developing electric vehicles as it seeks to diversify.
In Taiwan, the firm has developed the Model C SUV, to be sold initially under the Yulon-affiliated Luxgen Motor Co. brand, and is also building a battery cell plant in Kaohsiung, Hon Hai Chairman Liu Young-way (劉揚偉) said Thursday at a shareholders meeting.
In addition, Hon Hai signed a memorandum of understanding with American electric vehicle start-up Indiev Inc. to produce the first INDI One prototype vehicles in Hon Hai’s plant in Ohio, according to Liu.
Source: Focus Taiwan News Channel