Thai national oil and gas conglomerate shifts to EV industry

Bangkok – With the Government of Thailand having launched electric vehicle (EV) incentive packages benefiting both manufacturers and buyers early this year, several major corporations are pushing for production of EVs and batteries and building of charging facilities.

Thailand’s Electric Vehicle Link Charging Station. (Photo: industrytoday.com)

Thai national oil and gas conglomerate PTT Plc is one of them, who wants to revamp its corporate image as a key manufacturer in the growing electric vehicle industry.

President and chief executive Auttapol Rerkpiboon, together with subsidiaries under PTT, are pushing ahead with EV-related projects, notably those under cooperation with technology companies.

PTT has its own plans to assemble EVs, produce batteries, expand EV charging facilities, and provide EV rental services, all of which are making good progress, according to Auttapol.

PTT and Hon Hai Precision Industry, known globally as Foxconn, are jointly developing an EV production facility worth 1-2 billion USD in the Eastern Economic Corridor.

With the state's ongoing promotion of the domestic EV industry, Auttapol said he expects many global EV manufacturers to make more investments in Thailand. PTT will initially help them with EV production, rather than spend a huge amount setting up a full-fledged facility to make EVs under a new brand, he said.

Production of EVs is scheduled to start in 2024 with a capacity of 50,000 units per year. The number is slated to rise to 150,000 per year by 2030.

PTT is growing its battery business by partnering with companies specialising in battery manufacturing, as well as conducting R&D to improve battery technology.

Arun Plus formed a joint venture with PTT's power generation arm Global Power Synergy Plc (GPSC) to produce EV batteries using technology from Boston-based 24M Technologies Inc in the US.

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