Taiwan-based smartphone manufacturing giant Foxconn and national Thailand oil supplier PTT PLC are moving forward with an agreement to start an electric vehicle manufacturing facility in Thailand. The facility is expected to begin rolling out vehicles by 2023. Foxconn had previously reported plans to begin building factories in both Thailand and the U.S. next year.
Foxconn and PTT signed a memorandum of understanding to cooperate on EV production in June, with PTT owning 60% of the joint venture and Foxconn owning the remaining 40%. The initial production capacity of the Thailand facility will be around 50,000 units, which Foxconn says will increase three-fold …
