Chinese electric vehicle (EV) manufacturer Hozon New Energy Automobile has agreed to work with Thai vehicle assembler Bangchan General Assembly to build a new plant for electric vehicles (EVs), according to local reports citing Thai government spokesperson Tipanan Sirichana.
The company joins a growing number of Chinese automakers investing in regional production hubs in the country, including BYD Auto, SAIC Motor and Great Wall Motors, targeting local sales plus exports to other markets in south east Asia and the Asia Pacific region.
Shanghai based Hozon, also known as Neta Auto, launched its Neta V battery-powered city car in Thailand last year with a price tag of THB549,000 (US$16,300). The company plans to also launch its Neta U and Neta S models in coming months and has set a target of 10,000 sales this year.
The new plant will have initial capacity for 20,000 vehicles per year with assembly scheduled to start early in 2024.
Thailand has set a target for 30% of domestic vehicle production to be EVs by 2030 and is offering local sales and investment incentives to attract manufacturers into the country. Last year the government made available sales incentives also to imported EVs, including exemption from most import and excise duties until the end of 2023, provided their manufacturers are committed to local production by the end of 2024.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.