China’s Hozon to produce EVs in Thailand for Southeast Asian market

BANGKOK, May 6 (Reuters) – China’s Hozon New Energy
Automobile will make electric vehicles in Thailand for the
Southeast Asian market, a Thai official said on Saturday, as it
follows others in building facilities in the region’s major auto
production hub.

Hozon signed an agreement with Thailand’s Bangchan General
Assembly this week to start production of its NETA V model,
expected in 2024, Thai government spokesperson Tipanan Sirichana
said in a statement.

The EV maker launched its NETA V model in the Thai market
last year and planned to start offering its NETA U and NETA S
models in the near future, Tipanan said.

Other Chinese EV makers like BYD have also
invested in Thai plants as demand heats up among domestic
consumers choosing from brands like Great Wall Motors and Tesla.

Last month, a Thai official said China’s Changan Auto
would invest $285 million in a facility in Thailand.

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.
(Reporting by Panarat Thepgumpanat; Writing by Orathai Sriring;
Editing by Conor Humphries)