Thailand has approved a $ 1 billion loan. BEV Joint Undertaking between Foxconn and PTT

Thailand has approved a $ 1 billion loan.  BEV Joint Undertaking between Foxconn and PTT

Thailand’s investment agency approved a joint venture between Taiwan’s Foxconn and Thailand’s PTT to make battery electric vehicles worth 36.1 billion baht ($1.04 billion) on Monday (BEV).

Thailand has approved a $ 1 billion loan. BEV Joint Undertaking between Foxconn and PTT

“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.

the Horizon Plus Co project is one of numerous investment applications worth a total of 209.5 billion baht in manufacturing and infrastructure that were accepted on Monday.

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 approved enhanced benefits for investments in EV battery production for both existing and new projects, including a 90% reduction of import duty on raw and essential materials for five years in case the output is sold domestically.

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