The 4th Largest EV Batteries Production Base in Thailand, Now

Those who are not getting enough ideas for investment in Thailand, the electric vehicle market is increasingly evident in 2019 with the increasing number of automakers seeking Board of Investment incentives to produce EVs.

It is likely that the EV market share will increase to 1/4th, or 240,000 units, of the overall car sales nationwide. Also, the Eco-hybrid cars and the mild-hybrid vehicles are to accelerate the growth in the early stage.

Export-Oriented EV Batteries have a bright prospect

As many car companies have a plan to produce EVs in Thailand for export, it is expected that the market for them will be huge. Therefore, the country has come up with a new production base for REM as well as OEM batteries for exporting them to countries including Japan. Owing to that, it is believed that in 2023, presenting 3% of the global market.

This way Thailand will not only be the leading country of EV battery in ASEAN and the Oceania, but also the 4th largest production base of these batteries in the Asian region in the future. The country is to produce more than 430,000 units of EV batteries in five years while becoming the 4th largest production base in Asia.

However, the market is still in the early stage and there are many opportunities to grow further because of strong government incentives that are to boost local output of eco-friendly cars. Similarly, the global automakers are all ready to manufacture electric cars and EV batteries in the country, while boosting the long-term prospects of the industry.