EV manufacturer Chery to invest in Thailand


The company aims to use Thailand as a production base to meet the domestic demand for right-hand drive EVs, as well as export the vehices to Asean, Australia and the Middle East.

BANGKOK: Chery Automobile, an electric vehicle (EV) manufacturer from China, has been granted promotional privileges to establish a production facility in Thailand by the Thailand Board of Investment (BOI).

Chery is the eighth EV maker from China to be approved following BYD, MG, Great Wall Motor, Changan Automobile, GAC Aion, NETA and Foton, Narit Therdsteerasukdi, BOI secretary-general, said on Monday.

The company, which exported 1.8 million units last year, aims to use Thailand as a production base to meet the domestic demand for right-hand drive EVs, as well as export the vehices to Asean, Australia and the Middle East.

In the first phase, Chery will establish a factory in Rayong province before the end of 2025 to produce both battery EV (BEV) and hybrid EV (HEV) vehicles at a rate of 50,000 units a year, he said.

In the second phase, the production capacity will be expanded to 80,000 units per year by 2028. The company did not unveil the total investment value.

Narit added that Chery’s EVs will be marketed in Thailand under the names Omoda and Jaecoo, the company’s sub brands for foreign markets.

Chery will also import the Omoda C5, the company’s first 100% electric SUV model to spearhead the Thai market around June this year at 39 new showrooms countrywide.

More models of off-road EVs will follow, including the Jaecoo 6, 7, and 8, the latter two plug-in hybrid EVs.

Narit said the BOI has so far approved 26 investment projects related to manufacturing and assembly of EVs from 19 companies, with total investment value of over 80 billion baht. — The Nation/ANN

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

ITMAX gets RM105mil DBKL variation order
SC working overtime to combat spread of scams
Russia and Malaysia sign tax agreement
Chinese firms invest in ‘green’ jet fuel
Are MAHB minority shareholders being blindsided?
Maxis gets off to a strong start to the year
JPMorgan investors weigh CEO Dimon’s strategy, succession plan
MFM allocates RM300mil to improve grain, poultry operations
MGB ACHIEVES 23% PROFIT SURGE IN 1Q24
Toyota repeatedly halts Mexico plant after suppliers hit by labour shortage

Others Also Read