Thailand’s PTT Group expands further into EV business - Just Auto
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Thailand’s PTT Group expands further into EV business

27 Jul 2021 (Last Updated July 27th, 2021 10:42)

A Thai energy company is digging deeper into electrified vehicles.

Thai energy conglomerate PTT Group has established a new subsidiary to operate a number of electric vehicle (EV) aftermarket services in the country from vehicle rental to recharging networks and vehicle maintenance.

The new company, EVME Plus, will operate under the group’s Arun Plus Company – which is dedicated to supporting the expansion of Thailand’s EV market.

The new firm has registered capital of THB1bn (US$30m) and initial paid-up capital of THB340m. Further details about the company’s business plan were expected to be revealed soon.

The announcement came soon after PTT Group power generation subsidiary, Global Power Synergy, opened a new plant in Rayong province to produce semi-solid batteries for public service EVs such as small local buses, tuk-tuks and motorcycles.

The THB1.1bn factory, the first of its kind in southeast Asia, has initial production capacity of 30 megawatt-hours to be expanded to 1 gigawatt-hours (GWh) in the near future.

PTT signed a preliminary agreement in May with Taiwan Hon Hai Precision to collaborate in the production and sale of EVs and key components in Thailand.