Investment in EV production in Thailand has continued to expand, with the Board of Investment (BOI) having approved 23 EV projects from 16 companies. By 2030, electric vehicles are projected to account for 30% of the total vehicle production in Thailand, or approximately 725,000 units per year.
Currently, six Chinese EV companies with revenues ranking in the top 10 in China in 2022 have entered, or planned to enter the Thai market, with GWM announcing an investment plan of 22.6 billion baht for EV production, components, and EV infrastructure.
Industry Minister Pimpattra Wichaikul presided over the opening ceremony for the production line of the New GWM Ora Good Cat electric vehicle at the GWM plant in the Eastern Seaboard Industrial Estate, Rayong, on Saturday (January 12).
A report from the Board of Investment (BOI) indicated that Ora Good Cat would be the first Chinese brand to commence EV production in Thailand, in line with the government’s EV 3.0 support measures.
Thailand is the first country outside China where Ora electric vehicles will be manufactured for the international market, making the kingdom an EV hub in ASEAN.
Additionally, starting from March, the company plans to use battery packs produced by the SVOLT battery factory, a subsidiary that has invested in and established a battery production facility in Thailand since July 2023.
