Japanese electric vehicle developer FOMM Corporation plans to assemble electric vehicles in Thailand from next year.
Since it was established in 2013 by former Suzuki and Toyota engineer Hideo Tsurumaki, the Kawasaki based company has been focused on developing and bringing to market small electric vehicles.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFOMM established a joint venture in Thailand with Trinex, called FOMM Asia, with both partners holding a 49.9% stake in the company. The remaining 0.2% of the equity is held by Kusumoto Chavalit and Partners.
The joint venture is spending US$6m this year on a small assembly plant in the Amata Nakorn Industrial Estate in Chonburi, about 60km (35 miles) east of Bangkok.
Production of a small, four seat electric vehicle is scheduled to begin in June 2018 with production expected to reach 4,000 units by the end of that year, rising to 16,000 units in 2019 and 30,000 by 2020.
The company will also target exports to other ASEAN countries and to Europe from 2018.
FOMM Asia is expected to qualify for new investment privileges on offer by the Board of Investment, including a five to eight year corporation tax holiday for manufacturers of electric and hybrid electric vehicles and key parts such as batteries, traction motors, battery management systems, charging systems, portable chargers, DC/DC converters and inverters.
The EVs are expected to be priced between THB300,000 and THB400,000 (US$8,700-$11,600).
