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Taiwan’s Foxconn links up with Thailand's PTT for EV project

Joint venture expected to be leading EV force in Thailand by 2025

Foxconn to form electric vehicle joint venture with Thai state oil group PTT. 

Foxconn to form electric vehicle joint venture with Thai state oil group PTT.  (CNA photo)

TAIPEI (Taiwan News) — Foxconn Technology Group will link up with Thailand’s state-owned oil and gas group PTT Public Company to become a force in electric vehicles (EV) in the Southeast Asian country by 2025, reports said Friday (Aug. 27).

According to a statement from Foxconn Chairman Young Liu (劉揚偉) during the Future Energy Asia video conference, the two companies will use a “Build, Operate and Localize” (BOL) formula, with an IPO as a target.

The chairman of the Taiwan company mainly known for assembling iPhones and iPads explained his “3+3” transformation strategy that focuses on electric vehicles, digital healthcare and robotics, CNA reported. Artificial intelligence, semiconductors and telecommunications form the three core technologies for the project, Liu said.

In Thailand, Foxconn will form a joint venture with PTT to create a complete EV environment, fueling local employment and green energy technology, according to the Taiwan company’s chairman. The venture is destined to become a leader in the Thai EV sector and to be listed on the stock market, he said.

Earlier this week, Foxconn announced a 50-50 venture with French-Italian car giant Stellantis to produce in-car infotainment and network services under the name Mobile Drive.

Updated : 2021-09-18 10:49 GMT+08:00