Thailand is speeding up its plan to manufacture electric vehicles (EVs) for domestic use by 2023.

Prime Minister Gen Prayut Chan-o-cha declared the government’s objective to accelerate EV assembly at a seminar organised by the Federation of Thai Industries (FTI) this week. The announcement comes after the Prime Minister met with Young Liu, CEO and Chairman of Foxconn Technology Group, who announced plans to start EV assembly in Thailand within a year.

During the seminar, the Prime Minister emphasised the importance of developing the EV industry as a key factor in transitioning the Thai economy to the bio-, circular, and green economic model. He urged cooperation from all sides to help push the economy during this period of uncertainties and conflicts.

In addition to speeding up promotions, the government will push to produce key components such as batteries, traction motors, AC/DC converters, portable EV chargers, electrical circuit breakers, and EV smart charging systems in the near future.

Foxconn announced last year that it would partner with PTT Plc to establish an EV manufacturing facility in the Eastern Economic Corridor region. The factory is expected to provide a complete operation, including vehicle design, manufacturing, and EV assembly. The company set its manufacturing target at around 50,000 cars per year and plans to increase the number to 150,000 vehicles for its next stage.

Gen Prayut added that the government will continue to revise laws and regulations to facilitate the economic restructuring to speed up Thailand’s recovery from the impact of the pandemic. He assured that infrastructure development, R&D, and human resources development will be prioritised in order to strengthen the Thai economy for the future.

Source: VNA