The electric vehicles (EVs) sector is rapidly developing in Thailand, with a growing number of foreign players entering the market. The demand for EVs is expected to increase about threefold in 2021, thanks to the support from the Thai government. By 2036, the Thai government aims to have 690 charging stations and 1.2 million electric vehicles nationwide.
Chinese carmaker Great Wall Motor (GWM) plans to start producing battery electric vehicles (BEVs) at its manufacturing plant in Rayong within 2023. GWM’s Thai site is a smart factory that combines state-of-the-art production technology with eco-friendly manufacturing processes. The company is reportedly in talks with partners, including the state energy authorities as well as real estate developers and shopping malls, to expand the number of charging stations. Founded in 1984 and headquartered in Baoding, Hebei, today GWM sells its cars in more than 60 markets through an overseas network covering more than 500 locations worldwide.
Another company expanding to Thailand’s EVs market is Hong Kong-listed VST ECS. The company has signed an agreement to become the official distributor for Thomas EV Motorcycle in Thailand. Accordingly, VST ECS will be responsible for marketing and distributing Thomas EV motorcycles, which are produced locally in Chonburi and Nakhon Pathom provinces. Thomas Design currently uses technology with 30% local parts and another 70% imported part from Taiwan. With the increasing demand of the local market, by 2021, the company plans to increase the production line and increase the local parts to 70%.
(Sources: Bangkok Post; GWM; VST ECS)