Foxconn-PTT partnership to expedite electric vehicles development in Thailand, says GlobalData

Following the news that Taiwan’s Foxconn announced a partnership with Thailand’s state-run energy group PTT PCL to make electric cars in Thailand;

Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading data and analytics company, offers his view:

“Foxconn’s has been really aggressive with its electric vehicle (EV) plans. Over the past year, the company has made significant advancements in EV technology developments, partnerships and collaborations. Partnership with Thailand’s state-owned energy group PTT to manufacture EVs and key components comes as a major positive development for Foxconn which is expected to be a win-win situation for both the parties.

“Foxconn recent key partnerships in the automotive sector includes JV with Europe’s Stellantis for connected cars, US’s Fisker for EVs and China’s Geely for EVs and autonomous vehicles. Entry into Thailand also marks a strategic geographical expansion of EV business into another globally important EV destination.

“Thailand leads the Southeast Asian EV market and has been aggressive towards its growth plans. The development follows PTT’s recent announcement to enter assembly of various EVs including two-wheelers, passenger and commercial vehicles. PTT entered EV business last year with the launch of semi-solid battery cell. The joint venture will bring together Foxconn expertise in EV manufacturing, software & hardware technology and PTT’s expertise in batteries & charging infrastructure, its network of partners and existing presence in the Thailand EV business.

“The merging boundaries between automotive technology, electronics and information & communication technology companies has transformed the traditional automotive industry business model. Foxconn with its MIH EV Open Platform and manufacturing & assembly know-how would offer shortcuts to new players to enter the budding EV market. While the JV would be a positive development for Thailand which aims to produce 1.051 million EVs by 2025, it would challenge the existing traditional automaker that are inching towards electrification in Thailand.”

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