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Bloomberg
Foxconn Technology struck a multibillion-dollar electric-vehicle partnership in Thailand, its latest move to expand in the fast-growing industry at a time more tech companies including Apple are looking to bulk up their automotive muscle.
The Taiwanese electronics giant and Thailand’s state-owned conglomerate PTT Pcl will collaborate on hardware and software for producing EVs, according to a statement from the companies. About
$1 billion will be invested in the venture initially, rising to a possible $2 billion at a later stage, PTT said.
Thailand’s government is prioritising the EV industry and wants to maintain the country’s leadership in automotive manufacturing and exports, Prime Minister Prayuth Chan-Ocha said at an event to mark the occasion. Such a focus will also help Thailand reduce its greenhouse gas emissions, he said.
Thailand, a production hub for companies including Toyota Motor Corp and BMW AG, wants to become a force in electric cars while fighting its toxic air pollution. Foxconn, meanwhile, is broadening its push into EVs as electronics brands are looking to challenge traditional automakers in the market for battery-powered cars.
EVs have risen in prominence in recent months, with everyone from established automakers like Ford Motor Co to smartphone purveyor Xiaomi Corp making big investments in the category.