6 May: China’s Hozon New Energy Automobile, a leading electric vehicle (EV) maker, has signed an agreement with Thailand’s Bangchan General Assembly to produce EVs in Thailand for the Southeast Asian market, a Thai official said on Saturday.
The EV maker, which launched its NETA V model in the Thai market last year, plans to start production of the same model in 2024, Thai government spokesperson Tipanan Sirichana said in a statement.
Hozon also plans to offer its NETA U and NETA S models in the near future, Tipanan said.
The move follows other Chinese EV makers such as BYD and Changan Auto, which have also invested in Thai plants as demand heats up among domestic consumers choosing from brands like Great Wall Motors and Tesla.
Thailand is Asia’s fourth-largest autos assembly and export hub for carmakers like Toyota and Honda. The country aims to become a key player in the global EV supply chain outside of China by offering tax cuts and subsidies to drive EV adoption and production.
It has set a target that 30% of domestic auto production be EVs by 2030.