Taiwan’s Hon Hai Technology Group (Foxconn) on Monday announced a partnership with PTT Public Company Limited, the largest publicly listed conglomerate in Thailand, to make electric vehicles in the Southeast Asian country.
The partnership aims to set up an end-to-end production platform that provides instant scale to the local EV industry in Thailand. The signing ceremony included the participation of a number of government officials and business executives as witnesses to this important development.
Automobile players in Thailand that wish to assemble electric vehicles will be able to access the entire value chain of services offered by a newly formed JV being set up as part of this project. The intent is to help manufacturers not only access EV-specific services but also launch new models more quickly at a competitive cost. The collaboration will bring together PTT’s innovation & technology and proven track record in energy business, and its network of partners, subsidiaries and existing ventures, into the EV landscape and Foxconn’s proven capabilities in smart manufacturing and its experience in reducing product-development cycles and overall speed in bringing products to market. Through this collaboration, PTT and Foxconn aspire to shape the future of mobility in Thailand and propel Thailand towards a sustainable, emissions-free future.
The new platform will entail an ecosystem combining state-of-the-art technologies across the EV value chain, including auto parts manufacturing. It will build on Foxconn’s recently-established MIH industry alliance, an open network that enables developers and manufacturers to offer a complete software and hardware platform to build electric cars.
Foxconn, Apple’s main iPhone maker, has expanded its activities in electric vehicles over the past year or so, announcing deals with Chinese electric-car maker Byton and automakers Zhejiang Geely Holding Group as well as Fisker Inc. and one of the biggest automobile company Stellantis.