Taiwanese contract manufacturer Foxconn has just commenced the construction of an electric vehicle (EV) plant in Thailand. The project, part of Foxconn’s joint venture with Thai energy company PTT, is expected to start operations in 2024 and will have an initial annual capacity of 50,000 EVs.
The joint venture was initiated in 2022 and is called Horizon Plus. It is constructing a USD one billion production facility in the Rojana Nhongyai Industrial Park in Chonburi Province. The location is within Thailand’s Eastern Economic Corridor (EEC), a special economic zone consisting of three provinces in the eastern part of the country. Commissioning is due in 2024, and the plan aims to reach a capacity of 150,000 EVs annually, primarily intended for the Southeast Asian market.
In parallel, Chinese manufacturer BYD is also planning an EV plant in the EEC with an annual capacity of 150,000 electric cars. This plant, too, is expected to start operations in 2024.
Foxconn also intends to establish an open platform for Thailand to be made available to all carmakers who want to produce in the Southeast Asian country for domestic or foreign markets. This aligns with the company´s “Contract Design and Manufacturing Service” business model. Carmakers will be able to access the entire value chain of services of the Thai joint venture.
(Sources: electrive.com; Foxconn)