PTT, Foxconn Announce Together Venture on Electric Vehicle Production Platform

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H.E. General Prayut Chan-o-cha, Prime Minister of Thailand, presided over the Virtual Signing Ceremony of a Memorandum of Understanding (MoU) for a Development and Manufacturing EV project in Thailand between PTT Public Company Limited, the largest publicly listed conglomerate in Thailand and Hon Hai Technology Group (Foxconn), the leading global technological solution provider. The objective of the MoU is to enter into a partnership, supporting the production of electric vehicles . The partnership aims to set up an end-to-end production platform that provides instant scale to the local EV industry in Thailand, leading the country into a new era of innovative, fast-paced growth in electric car manufacturing. The signing ceremony included the participation of a number of government officials and business executives as witnesses to this important development.  They included the Deputy Prime Minister and Minister of Energy, Supattanapong Punmeechaow, the Secretary General of the National Economic and Social Development Council, Danucha Pichayanan, the Secretary General of the Thailand Board of Investment, Ms. Duangjai Asawachintachit and PTT’s Chairman Prof. Dr. Thosaporn Sirisumphand.

Automobile players in Thailand that wish to assemble electric vehicles will be able to access the entire value chain of services offered by a newly formed JV being set up as part of this project. The intent is to help manufacturers not only access EV-specific services but also launch new models more quickly at a competitive cost. The collaboration will bring together PTT’s innovation & technology and proven track record in energy business, and its network of partners, subsidiaries and existing ventures, into the EV landscape and Foxconn’s proven capabilities in smart manufacturing and its experience in reducing product-development cycles and overall speed in bringing products to market. Through this collaboration, PTT and Foxconn aspire to shape the future of mobility in Thailand and propel Thailand towards a sustainable, emissions-free future.  

The new platform will entail an ecosystem combining state-of-the-art technologies across the EV value chain, including auto parts manufacturing.  It will build on Foxconn’s recently-established MIH industry alliance, an open network that enables developers and manufacturers to offer a complete software and hardware platform to build electric cars.

Auttapol Rerkpiboon, President and Chief Executive Officer, PTT Public Company Limited (PTT), revealed that this joint agreement was a significant milestone for PTT’s EV value chain businesses to foster sustainable growth while addressing the changing era of future energy especially transportation and mobility. This business partnership with Foxconn will emphasize the expertise of two companies that will be beneficial to enabling the automotive industry to meet quality goals and sustainable global benchmarks, and will help Thailand lead Asia as a regional EV manufacturing hub. In addition, in response to the government’s policy, the expansion of EV production will provide significant opportunities for enhancing Thailand transportation system through reduced emissions, and this will allow the country to move more rapidly towards sustainable, renewable sources of electricity.

Young Liu, the Chairman of Foxconn, said that as a leader that innovates in the global technology industry, the MIH platform and Foxconn’s unique business model that we advocate will meet the demand of the future EV market. This cooperation with PTT and the Thai government to realize the vision of sustainable development of the EV industry, demonstrates that the MIH ecosystem is growing. Moreover, this way of cooperation is widely recognized. Regarding PTT’s development in EV and battery charging infrastructure, Foxconn can contribute our expertise and technology to gradually build a complete and vertically integrated EV industry in Thailand. Through this open model and local industrial advantages, we believe that Thailand will become a leader in the global EV evolution, and show the world that the Eastern Detroit can continue to shine in the field of EV.“

PTT, as a state-owned enterprise, supports the government’s policies for a green, emission-free future, and it shares the aspiration for sustainable mobility solutions. The JV with Foxconn is part of its commitment towards those policies. The partnership will involve transfer of knowledge and technology, helping Thai people to build skills in future-oriented industries and break through the middle-income trap, while also allowing Thai consumers to gain access to cost-competitive and sustainable mobility solutions with locally produced EVs.” said Auttapol.