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Thailand to become 4th largest production base for EV batteries in Asia

KResearch forecasts that the EV market share in the next five years will increase to one-fourth, or 240,000 units, of the total car sales nationwide

Boris Sullivan

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The booming electric vehicle (EV) market in Thailand is increasingly evident in 2019 as a number of automakers have sought the Board of Investment (BOI)’s incentives to produce EVs here.

 KResearch forecasts that the EV market share in the next five years will increase to one-fourth, or 240,000 units, of the total car sales nationwide. Eco-hybrid cars and mild-hybrid vehicles are likely to accelerate the growth in the early stage.  

When the EV production is approaching its full capacity in 2023, it is expected that at least 260,000 units of EV batteries will be rolled out to serve the demands in Thailand.        

Prospects are bright for export-oriented EV batteries

Moreover, the prospects are bright for export-oriented EV batteries as many car companies have planned to produce EVs in Thailand at a large scale for export.  At present, existing production bases of EV batteries in the world cannot produce enough batteries to serve the soaring demand. 

Thus, Thailand has emerged as a new production base for OEM and REM batteries for export to countries such as Japan and Thailand’s auto markets in ASEAN and the Oceania.

KResearch expects that, in 2023, Thailand will produce at least 170,000 EV batteries for export.        

Thailand’s EV market is still in its early stage

However, there are ample opportunities to grow further due to strong government incentives to boost local output of environmentally friendly cars. Global automakers are gearing up to produce electric cars and EV batteries in Thailand, boosting the long-term prospect of the industry.

KResearch estimates that Thailand will produce over 430,000 EV batteries in 2023, representing 3 percent of the global market.

This will make Thailand not only a leader of EV battery production in ASEAN and the Oceania but also the 4th largest production base of EV batteries in the Asian region in the future. Thailand is poised to produce over 430,000 units of EV batteries in 5 years, becoming 4th largest production base in Asia. (Current Issue No.2960) – KASIKORN RESEARCH CENTER

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PTT to invest 30bn ($967M) baht in EEC

PTT Public Company Limited has allocated some 30 billion baht, to invest in newer forms of energy in the Eastern Economic Corridor (EEC)

National News Bureau of Thailand

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BANGKOK, (NNT) – The global economic slowdown and trade war have caused fluctuations in energy prices. In response, PTT Public Company Limited has allocated some 30 billion baht, to invest in newer forms of energy in the Eastern Economic Corridor (EEC), while the company’s profit in 2019’s first half was reduce by higher oil prices.

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The Board of Trade of Thailand’s Chairman has proposed temporary border trading points be upgraded to permanent ones and more centers for the distribution of SME goods be opened

National News Bureau of Thailand

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BANGKOK, 12th August 2019 (NNT) – The Board of Trade of Thailand is working with the Ministry of Commerce to add value to the wide range of Thai goods for export, in reaction to the trade war between the United States and China.

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Fruit farmers coping with oversupply and price slumps

Thai Government vows to help fruit farmers, following the problem of product oversupply and price slumps, the Ministry of Commerce said.

National News Bureau of Thailand

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BANGKOK, August 2019 (NNT) – To help fruit farmers, following the problem of product oversupply and price slumps, the Ministry of Commerce has recently used Section 44, of the interim constitution, to engage government and private agencies in assisting them in terms of marketing to help sell the produce, including mangosteens, Lansium demesticum, rambutans, longans and other seasonal fruit.

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