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China's Changan Auto to invest $285 mln in EV facility in Thailand

Variety

20-04-2023 | 06:25

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China's Changan Auto to invest $285 mln in EV facility in Thailand

Chinese auto maker Changan Auto (000625.SZ) will invest $285 million in a facility in Thailand to produce 100,000 electric vehicles (EVs) annually, Thailand's Board of Investment said on Thursday.

The company aims to sell the EVs in Thailand, Southeast Asia, Australia, and South Africa, said the board's secretary-general, Narit Therdsteerasukdi.

Thailand is Asia's fourth-largest autos assembly and export hub for carmakers like Toyota (7203.T) and Honda (7267.T). The industry accounts for about 10% of Thailand's GDP and manufacturing jobs.

"Changan's decision to invest in Thailand is a significant milestone in promoting the country as the world's major EV production base," said Narit.

Other Chinese EV makers like BYD have also invested in Thai plants as demand heats up among domestic consumers choosing from brands like Great Wall Motors and Tesla.

($1 = 34.4300 baht)

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