Horizon Plus, a joint venture between Taiwan-based Foxconn Technology Group and Thailand's state-run energy group PTT, broke ground recently for a new electric vehicle (EV) production base in Thailand.
The EV production site is located in the Rojana Nhongyai Industrial Park in Chonburi Province. The site is part of Thailand's so-called Eastern Economic Corridor (EEC), a special economic zone in eastern Thailand.
The joint venture plans to invest around THB37 billion (US$1 billion) to set up the EV plant slated for completion in 2024.
Buranin Rattanasomba, chairman of Horizon Plus, said at the groundbreaking ceremony that the joint venture's operation will be based on the BOL (build-operate-localize) concept, and its primary goal is to improve the long-term competitiveness of the local auto industry and supply chain.
According to Rattanasomba, the plant will initially roll out 50,000 EVs annually and gradually triple to 150,000 units to meet the growing EV demand in the Southeast Asian market before 2030.
Horizon Plus will also promote a CDMS (contract design and manufacturing service) business model, according to its CEO Chiu Chuang-yi. Under the strategy, the joint venture will offer an open EV-manufacturing platform to all carmakers who want to produce EVs in Thailand for domestic or foreign markets.
The carmakers will be able to access the entire ecosystem of joint venture's hardware and software services, Chiu added.