Thailand’s oil and gas conglomerate PTT has begun producing lithium-ion batteries to support its EV brand Neta and tap into the growing electric vehicle market.
Key Takeaways
- Thai oil and gas conglomerate PTT is entering the lithium-ion battery market to support its EV brand Neta and capitalize on the growing green car market.
- PTT’s joint venture with NV Gotion aims to produce 2 gigawatt-hours of lithium-ion batteries per year initially, with plans to increase capacity to 8 GW-hours to meet rising demand.
- The Thai government’s subsidies and incentives have attracted Chinese EV makers to Thailand, with all of them set to start manufacturing in the country next year, leading to a significant boost in battery demand.
The company’s joint venture, NV Gotion, has established a plant in Rayong province capable of producing 2 gigawatt-hours of batteries per year, with plans to increase capacity to 8 GW-hours in the future.
The batteries will be supplied to Horizon Plus, a joint venture between PTT and Taiwanese chipmaker Foxconn, which manufactures Neta EVs. The move comes as the Thai government offers subsidies and incentives to promote EV adoption in the country.
Thailand has set its sights on fostering the growth of its domestic electric vehicle (EV) industry and establishing a robust supply chain for the production of EV batteries.To achieve this, the country’s National Electric Vehicle Policy Committee has outlined an ambitious target of having zero-emission vehicles (ZEVs) account for 30% of the local automobile production by the year 2030.
Thailand aims to have 30% of its automobile production comprise zero-emission vehicles by 2030, driving the development of its electric vehicle industry.
PTT Public Company Limited (PTT), Thailand’s state-owned oil and gas conglomerate, has ventured into the production of lithium-ion batteries for electric vehicles (EVs). This move marks a significant step in PTT’s diversification strategy and its commitment to sustainable energy solutions.
PTT’s foray into EV battery manufacturing aligns with the global shift towards electrification of transportation. The company aims to capitalize on Thailand’s growing EV market and position itself as a key player in the regional EV supply chain. PTT’s EV battery production facility is located in Rayong, Thailand, and has an initial annual production capacity of 28,000 units.
PTT’s lithium-ion EV batteries are designed to meet the specific requirements of the automotive industry. They feature advanced cell chemistry, high energy density, and long cycle life. PTT has also established a research and development center to continuously improve its battery technology and develop innovative solutions for the EV market.
Last week the Thai government has announced the establishment of a China Automotive Technology and Research Center (CATARC) in Thailand, making it the fourth global facility of its kind, highlighting the growing investment from Chinese carmakers in the country’s electric vehicle (EV) manufacturing sector.
CATARC will also serve as a support hub for Chinese electric vehicle manufacturers operating in Thailand, as the country plans to transform a third of its annual vehicle production into EVs by 2030. The government is also offering subsidies and incentives to boost investments in domestic EV manufacturing.
