According to two sources, Chinese automaker Geely is considering importing and manufacturing electric vehicles (EVs) in Thailand.
The people told Reuters that the company is considering selling an entry-level electric car and a Radar brand electric pickup truck in Thailand.
“Geely has no such plans,” a corporate media spokesman stated, declining to discuss investment conversations in the country.
Thailand’s Board of Investment Secretary-General Narit Therdsteerasukdi met with five Chinese EV companies, including Geely in April.
The agency listed BYD Co Ltd (002594. SZ), Chongqing Changan Automobile Co Ltd (000625. SZ), JAC Motors, and Jiangling Motors Corp Ltd (000550. SZ).
“All expressed keen interest in Thailand’s policy to develop a regional EV production base and an integrated EV supply chain,” Narit added without elaborating on Geely’s conversations.
Thailand, the world’s tenth-largest automaker, needs additional investments to maintain and diversify its manufacturing base, which has relied mainly on Japanese brands and combustion engines.
The government plans to shift 30% of its 2.5 million vehicle manufacturing to EVs by 2030.
BYD and Great Wall Motor Co Ltd (601633. SS) are building Thai EV production.
One person said Geely’s brand-level working groups like Geometry and Radar Auto had working-level autonomy, complicating discussions.
The second individual briefed on the conversations said, “They have to decide what model to bring to Thailand,” adding that Geely’s review included creating a plant in Thailand.
EVs are subsidized in Thailand if automakers agree to build cars and parts there for several years.
In May, Chinese conglomerate Geely quadrupled its investment in luxury carmaker Aston Martin.
It owns 49.9% of Malaysian automaker Proton.
Geely introduced Geometry in 2019. The Geometry A sedan drove 2022 Chinese sales to nearly quadruple. In February, Geely delivered China’s first mass-market electric pickup truck, the Radar RD6.
Great Wall Motor proposes a Thailand research and development center for battery-powered pickup trucks.
Toyota Motor Corp (7203.T) and Isuzu Motors Ltd (7202.T) lead Thailand’s pickup industry, which accounted for almost half of light vehicle sales last year.
Comment Template