Chinese state owned automaker Chery Automobile has agreed to invest in an electric vehicle (EV) manufacturing plant in Thailand, according to local reports citing a statement by the country’s board of investment (BOI) on Monday.
BoI’s secretary-general Narit Therdsteerasukdi said Chery planned to complete construction of a factory in the automaking Rayong province by 2025.
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The plant would have initial capacity for 50,000 electric and hybrid vehicles per year, rising to 80,000 after a second construction phase. The vehicles would both be sold locally and exported to other regional markets.
Chery joins a growing list of Chinese automakers establishing operations in the country, including Great Wall Motors, BYD, SAIC Motor, GAC Group, Changan, Geely and Hozon, challenging the long standing dominance of Japanese automakers which have been slow to switch to battery electric vehicles.
Thailand wants a third of its forecast 2.5m annual vehicle output by 2030 to be BEVs.
Chery said earlier this year it would build regional production hubs in Indonesia and Vietnam.
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By GlobalDataIts vehicles are produced in Indonesia by contract assembler PT Handal Indonesia Motor.
