More Chinese Automakers Plan EV Investment in Thailand

ID :
Mon, 06/26/2023 - 07:00

More Chinese Automakers Plan EV Investment in Thailand

BANGKOK, June 26 (TNA) – More Chinese automakers plan to invest in the electric vehicle (EV) industry in Thailand next year, according to the Thai – Chinese Chamber of Commerce.

The chamber is organizing the 16th World Chinese Entrepreneurs Conference in Bangkok from June 24-26.

The chamber’s chairman Narongsak Putthapornmongkol said the Chinese businessmen participating in the event are interested in investing in the EV industry as it is believed that the use of EVs will outrun conventional combustion engines in the next five years and the Thai government promotes the EV use and production.

 BYD, GWM and MG have already set up their production's facilities in Thailand and more leading automakers will follow suit next year.

Narongsak said the Chinese businesspeople are not concerned over the formation of the new government as they believe the stable government will be formed soon and will continue to promote the country’s growth and development.

Regarding the minimum wage increase, it is needed to be raised when it is justified but it should not be higher than neighbouring countries considered as competitors, he said.

He also said that at least 500 million baht is expected to be circulated during the three-day event. He hoped Chinese investment in Thailand will reach more than 100 billion baht. (TNA)