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Thailand approves a $1 billion Foxconn-PTT electric vehicle battery project

Image: Reuters Berita 24 English - Thailand 's investment agency approved a joint venture between Taiwan's Foxconn and Thailand'...


Image: Reuters


Berita 24 English - Thailand's investment agency approved a joint venture between Taiwan's Foxconn and Thailand's PTT to create batteries for electric vehicles worth 36.1 billion baht ($1.04 billion) on Monday.

The Horizon Plus Co project was one of several investment applications approved on Monday by the Board of Investment (BOI) for a total of 209.5 billion baht in manufacturing and infrastructure.

"The joint venture project will encourage investment in the electric vehicle industry and expand on the BOI's strategy of becoming Southeast Asia's EV manufacturing powerhouse," said BOI chief Duangjai Asawachintachit.

A 162.3 billion baht investment by CP Group's Asia Era One Co in a high-speed rail project connecting Bangkok's three airports and the Eastern Economic Corridor was also approved.

The BOI also granted additional incentives for existing and new projects investing in electric vehicle battery production, including a 90 percent decrease in import duty on raw and key materials for five years if the output is sold domestically.

(1 dollar = 34.77 baht)


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