Foxconn says Thailand EV factory will begin producing 50,000 units by 2023

Taiwan-based smartphone manufacturing giant Foxconn and national Thailand oil supplier PTT PLC are moving forward with an agreement to start an electric vehicle manufacturing facility in Thailand. The facility is expected to begin rolling out vehicles by 2023. Foxconn had previously reported plans to begin building factories in both Thailand and the U.S. next year.

Foxconn and PTT signed a memorandum of understanding to cooperate on EV production in June, with PTT owning 60% of the joint venture and Foxconn owning the remaining 40%. The initial production capacity of the Thailand facility will be around 50,000 units, which Foxconn says will increase three-fold by 2030. The Thailand plant officially marks Foxconn as an automaker in its own right, but the company is also working with EV maker Fisker on a U.S. manufacturing plant, which should also start production in 2023. The two companies signed a joint agreement, called Project PEAR, in May.

“Thailand is fairly new in terms of supply and demand with limited manufacturers producing in the country,” said Bakar Sadik Agwan, senior automotive analyst at GlobalData, a data and analytics consulting company, in a statement. “With conducive policies and heritage in auto manufacturing, Thailand offers much more value to Foxconn compared to other markets. The company also has a manufacturing partnership in China with Byton, but it is reportedly on hold now. While China may be the largest EV market, it faces overcapacity issues due to the EV market being fragmented, which will affect many automakers’ ability to make enough margin.”

Thailand’s government has become a major supporter of Foxconn because it hopes to be a future “EV hub” and increase its EV share in total capacity to 30% by 2030 by incentivizing local production.

Credit belongs to : www.techcrunch.com

You May Also Like

The three true robotic startup outcomes

Allow me to borrow a phrase from baseball for a moment. If you follow the sport, you’re likely aware of the concept of the “three true outcomes.” They are, specifically, a home run, a strikeout, and a walk. The throughline between the three is that, in most instances, they’re not determined by the defense. There’s […]

Pixelmator Photo is coming to Mac with a new subscription-based model

The longtime iOS and iPadOS image editing application Pixelmator Photo, a companion to the popular Pixelmator Pro, is embracing subscriptions as it heads to the Mac. Previously the app was available for an upfront charge of $7.99 but will now offer either monthly or annual pricing.  Going forward, the app will now cost users $4.99 […]
error: Content is protected !!