Thailand's state-owned oil and gas company PTT Plc has signed a collaboration agreement with six automakers to help develop the country's nascent electric and plug-in hybrid vehicle market.

The deal was announced at the opening of an electric vehicle recharging station in Bangkok. PTT is committed to building a network of 20 such recharging stations in the Bangkok metropolitan area by next year.

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The six automakers involved in the project are the Thai subsidiaries of BMW, Mercedes Benz, Mitsubishi Motors, Nissan Motor, Porsche and Volvo. They have agreed to launch new EV and plug-in hybrid models in the country and to promote the benefits of these technologies.

The military government is keen to promote the local EV market and help reduce the country's dependence on oil imports. It currently offers tax incentives for the local manufacture of EV parts such as batteries and motors, as well as excise tax discounts to promote local EV and hybrid vehicle sales.

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