On Thursday, Thailand’s Board of Investment announced that Changan Auto (000625. SZ) would invest $285 million in a factory to create 100,000 electric cars (EVs) yearly.
Narit Therdsteerasukdi, the board’s secretary-general, said the corporation would offer EVs throughout Thailand, Southeast Asia, Australia, and South Africa.
Toyota (7203.T) and Honda (7267.T) assemble and export cars in Thailand, Asia’s fourth-largest. The industry generates 10% of Thailand’s GDP and manufacturing jobs.
“Changan’s decision to invest in Thailand is a significant milestone in promoting the country as the world’s major EV production base,” said Narit.
As domestic consumers choose Great Wall Motors and Tesla, other Chinese EV companies like BYD have invested in Thai plants.
