In a strategic leap forward for Thailand’s electric vehicle (EV) sector, the Board of Investment (BOI) has greenlit 23 EV projects from 16 companies, signaling a pivotal moment in the nation’s drive towards sustainable transportation.
Six prominent Chinese EV companies, boasting top-10 revenue rankings in China for 2022, are making significant strides in either entering or planning to enter the Thai market. Among them, Great Wall Motor Co., Ltd. (GWM), the manufacturer of Ora Good Cat, stands out with a substantial investment announcement. GWM has earmarked a staggering 22.6 billion baht for EV production, components, and infrastructure development within Thailand, underlining the country’s growing appeal as an investment destination in the EV landscape.
The latest milestone in this trajectory unfolded on January 12 at the GWM plant in the Eastern Seaboard Industrial Estate, Rayong. The inauguration of the production line for the New GWM Ora Good Cat electric vehicle marked Thailand’s ascent as a trailblazer in producing Ora electric vehicles for global distribution. Notably, the event was graced by the presence of Minister of Industry Pimpattra Wichaikul, emphasizing the significance of Thailand’s role in the global EV market.
Looking ahead, GWM is set to integrate battery packs from the SVOLT battery factory starting in March, aligning with Thailand’s broader agenda for regional leadership in EV production. The SVOLT subsidiary has already made its mark, establishing a battery production facility in Thailand since July 2023. This move positions Thailand strategically in the electric vehicle supply chain and underscores the nation’s commitment to becoming a regional hub for EV manufacturing.
The ambitious vision for Thailand’s automotive landscape extends to 2030, with EVs projected to constitute 30% of the country’s total vehicle production. This translates to an estimated annual output of 725,000 electric vehicles, signaling a transformative shift towards a more sustainable and electrified transportation future.