Foxconn signs deal with Thailand’s PTT to invest billions in electric vehicle development

Foxconn Technology Group has struck a multi-billion-dollar electric vehicle partnership in Thailand, the company’s latest move in the fast-growing electric vehicle segment,media reported. At present, many technology companies, including Apple, are interested in making a difference in this field.

 Foxconn signs deal with Thailand’s PTT to invest billions in electric vehicle development

(Image credit: Foxconn)

Foxconn and Thai state-owned PTT said in a statement on May 31 that the two sides will cooperate in the development of hardware and software for electric vehicles. PTT said the two parties will initially invest about US$1 billion in the new joint venture, which may increase to US$2 billion in the later stage. The new joint venture will supply its electric platform to automakers in Thailand and the rest of Southeast Asia.

Thai Prime Minister Prayuth Chan-Ocha previously said at an event that the Thai government will prioritize the development of the electric vehicle industry and hope to maintain the country’s leading position in vehicle manufacturing and exports. He also said the focus on electric vehicles would also help Thailand reduce greenhouse gas emissions.

Thailand, a production hub for automakers including Toyota and BMW, wants to aggressively develop electric vehicles as a way to fight air pollution. Meanwhile, Foxconn is also pushing ahead with its electric vehicle program as its core customers seek to challenge traditional automakers in the electric vehicle market.

Electric vehicles have been gaining prominence in recent months, with established automakers from Ford, to smartphone supplier Xiaomi, making big bets in the space. Foxconn Chairman Liu Yangwei said in February that the company’s electric vehicle platform would go live in the fourth quarter of this year, when the company will launch two light-duty vehicles.

Foxconn has also struck production deals with Chinese company Byton and U.S.-based Fisker, and has struck a deal with Stellantis, one of the world’s largest automakers, to form a joint venture to develop a digital cockpit for cars.

Source: Gasgoo

Author: Nebula

Author: Yoyokuo