BANGKOK, Thailand, April 20, 2023 /PRNewswire/ -- Changan Automobile, a leading Chinese car manufacturer, has recently announced it will invest 9.8 billion baht (US$ 285 million) in Thailand, to set up its first right-hand drive electric vehicle (EV) production base outside of China.
Mr. Narit Therdsteerasukdi, Secretary General of the Board of Investment and a Thai delegation met executives of Changan Automobile, including Mr. Wang Hui, Vice President, during a visit to the company’s offices in Chongqing, as part of an investment roadshow to China in early April 2023. Changan Automobile has since said it will invest 9.8 billion baht (US$ 285 million) in Thailand, to make annually 100,000 electric (EV) and hybrid vehicles for worldwide sales.
The factory, with an initial production capacity of 100,000 vehicles for domestic and export markets, strengthens Thailand's aim to make Thailand a major global production base for EVs, Thailand Board of Investment's (BOI) Secretary General Narit Therdsteerasukdi said.
The BOI has been working closely with Changan Automobile on the project over the past two years. BOI executives recently traveled to China to meet with senior executives of the company to reinforce the government's support measures and ensure that Thailand is primed to become a world-class EV production base, Mr. Narit added.
Thanks to these efforts, Changan Automobile has officially announced its decision to invest in establishing an electric car factory in Thailand on April 18. The investment is set to create a production base for BEV, PHEV, REEV (Range Extended EV), and batteries. The company aims to market the vehicles in Thailand as well ASEAN, Australia, New Zealand, England, and South Africa, to meet the rapidly growing demand for electric cars.
Changan Automobile is one of the leaders in EV and intelligent driving technology, with its headquarters and main production base located in Chongqing, China. The company is China's fourth-largest automaker, with sales of over 2 million vehicles last year. It also has a joint investment with Ford and Mazda to produce cars in China.
"Changan decision to invest in Thailand is a significant milestone in promoting the country as the world's major EV production base," said Mr. Narit. "It also demonstrates the company's confidence in Thailand's infrastructure, market potential, proactive policy to promote a complete EV ecosystem, and comprehensive supply chain that is ready to support EV production."
The BOI has previously approved a total of 26 electrified vehicles production projects, including battery electric vehicles (BEV), plug-in hybrid (PHEV) and hybrid (HEV) from 17 companies with a total investment value of 86.8 billion baht. At least two additional investment projects are expected to be filed for investment promotion in the first half of 2023, with Changan Automobile planning to submit applications for promotion by May, and GAC Aion planning to invest over 6.4 billion baht in the production of electric vehicles in Thailand.
"The BOI will continue to work with various agencies to attract other EV manufacturers from Asia, Europe, and America to invest in Thailand," said Mr. Narit. "We are also actively promoting the build up of an electric charging network and other necessary elements to strengthen the EV ecosystem and related industries in Thailand."
For more information, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
YouTube: Think Asia, Invest Thailand
