CP Foton Sales Company, the Thai-based joint venture between China’s Foton Motor Group and the local CP Group, announced this week it planned to invest an initial THB1bn (US$30m) in a new commercial vehicle assembly facility in the country, according to local reports.
Managing director Kritsana Settharangkul said the factory would have initial capacity for 3,000 vehicles per year, including battery powered and conventional internal combustion engine (ICE) trucks, buses and vans, for sale locally and for export to other ASEAN markets.
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The company is currently considering locations for the plant around Bangkok and in Chonburi province.
CP Foton, established in 2019, has set a sales target for Thailand of 1,000 vehicles this year, including 700 ICE vehicles and 300 BEVs, all of which will be imported from China. This will be the first year the company will sell EVs in Thailand.
Earlier this month the company said it wanted to step up exports of cement mixing trucks from China to Thailand to target growing demand as infrastructure investment is stepped up in the country.
Kritsana also said his company planned to jointly invest in an EV charging and battery swapping network in the country with local car dealers. The company currently has 28 dealers but this is expected to rise to 35 in the next few years.
