PTT Shifts Gear to the EV Industry in Strategic Move

PTT Public Company Limited (PTT), Thailand’s leading oil and gas conglomerate, is making significant strides in the electric vehicle (EV) industry. With the Thai government’s commitment to promoting sustainable transportation, PTT has strategically diversified into EV infrastructure, aiming to position itself as a key player in this rapidly evolving market.

The EV Landscape in Thailand

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Thailand has set ambitious goals to become a regional hub for EV production. The government has introduced time frames to encourage local manufacturing of EVs and launched incentive packages to boost both demand and supply. As part of this initiative, PTT has embarked on several EV-related projects:

1. EV Manufacturing: PTT plans to assemble EVs initially for other companies. The company’s wholly-owned subsidiary, Arun Plus Co., has partnered with Taiwan-based Hon Hai Precision Industry Co. (also known as Foxconn) to establish Horizon Plus, a joint venture overseeing EV assembly. Together, they are developing an EV production facility worth US$1-2 billion in the Eastern Economic Corridor. Production is scheduled to begin in 2024, with a capacity of 50,000 units per year, increasing to 150,000 units annually by 2030.
2. Battery Production: PTT aims to produce EV batteries locally. By collaborating with Foxconn, which is keen on EV platform technology development, PTT can leverage its expertise in less complicated assembly techniques. This strategic partnership ensures that global car brands can design EVs while PTT assembles them.
3. EV Charging Infrastructure: Recognizing the importance of charging infrastructure, PTT is integrating EV charging stations across its retail fuel station network. The goal is to install 300 EV charging units nationwide by the end of next year. Additionally, PTT and Foxconn plan to locate their car assembly facility on a 350-rai plot of land, further supporting EV adoption.
4. EV Rental Services: PTT acknowledges that some motorists may be hesitant to adopt new car technology. To address this, Arun Plus operates an EV rental service, allowing drivers to experience EVs without committing to ownership. This service bridges the gap between curiosity and full adoption.

Government Support and Global Trends

Thailand’s commitment to reducing greenhouse gas emissions aligns with global trends. By 2040, an estimated 500 million passenger EVs will be on the road worldwide, with major shares shifting to non-China and Europe regions. PTT’s strategic move into the EV industry positions it well for this transition.

Conclusion

As PTT diversifies into EV infrastructure, it not only contributes to Thailand’s sustainable future but also strengthens its corporate image as an innovative player. With a focus on manufacturing, battery production, charging stations, and rental services, PTT is driving the EV revolution forward. As the world shifts toward cleaner mobility, PTT’s commitment to sustainability is commendable, and its strategic vision promises exciting developments in the EV space.