Thai energy firm will partner with Foxconn for EVs

The electric vehicle sector in Thailand is about to accelerate as the Kingdom’s largest energy conglomerate PTT announced a partnership with Taiwan’s Foxconn, producer of iPhones, to assemble electric vehicles in Thailand.

The new partnership could present a challenge to established automakers already making the transition to electric vehicle (EV) production.

Prime Minister Prayut Chan-o-cha presided over the signing ceremony, which was held virtually because of the pandemic. The companies agree to cooperate in making electric vehicles and their components for the Thai market.

PTT and Foxconn will create an “open platform” that provides both hardware and software services to automakers in the Kingdom, the statement said. The companies have not yet given further details of the size of the investment or their production plans.

Apple’s main iPhone maker, Foxconn has been branching out into EVs during the past year.  Earlier, it had announced deals with Chinese electric-car maker Byton and automakers Zhejiang Geely Holding Group, and the Italian automobile company Stellantis.

PTT had told the media in the previous week that it would enter the EV assembly market, starting with an EV battery business that it planed to launch in the third quarter of 2021.

The energy conglomerate will also establish and operate a network of charging stations through its subsidiary On-I-On Solutions, which was founded in February. Its charging stations will not be located at gas stations, but in alternative locations such as malls, hotels and offices.

Also in February, Global Power Synergy, PTT’s power generation arm, and PTT Oil Retail Business jointly unveiled G-Box, a 150-kilowatt-hour battery energy storage system for EV charging outlets at PTT stations beginning in one area of Bangkok.

Photo courtesy of https://www.foxconn.com/