Horizon Plus, a Thai-based joint venture between Taiwan’s Hon Hai Technology Group and Thai state run energy company PTT, has acquired 50 hectares of land in the Rojana Industrial Park in Thailand’s Eastern Economic Corridor where it plans to build a plant to produce battery-powered buses based on Hon Hai’s MIH Open platform.

This followed approval of the company’s US$1bn investment project by the Thai government’s Board of Investment (BOI) which will provide enhanced investment incentives under its EV programme, including a 90% reduction of import duties on raw and essential materials for five years.

PTT is represented in the joint venture through its wholly-owned Arun Plus Company joint venture.

Construction is expected to be complete by 2024 when the factory will supply EV buses for an inclusive public transportation ecosystem.

Horizon Plus said it was open to collaborate with all automotive brands that are interested in developing EV prototypes and in supporting EV manufacturing in Thailand and in the Asean region.

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By GlobalData