Thailand EV Market is Heating Up

- Advertisement -

Multiple manufacturers, from state-owned enterprises to renewable energy startups are jumping into Thailand market of electric vehicle batteries, driven by the government’s motivation to make the country into a regional production hub for EVs and their components. Global Power Synergy also known as GPSC, the utility arm of Thailand’s state-owned oil and gas conglomerate PTT Group, will spend around 2.7 billion baht this year to develop EV batteries in the country’s Eastern Economic Corridor. The project incorporates an EV battery plant and the creation of an associated supply chain.

“We will not only build an EV battery plant and develop EV battery technology but will also create an EV value chain and integrated ecosystem, which is key to our goal of becoming a leading EV-producing country in the region,” said Buranin Rattanasombat, senior executive vice president of PTT Group. GPSC recently signed an MoU in February with Arun Plus another PTT subsidiary, with the goal of producing EV batteries with an annual capacity of 5 to 10 gigawatt-hours by 2030. Which is enough to power more than 200,000 compact EVs.

In lieu of the subsidies and lowered tariffs, the Federation of Thai Industries has predicted that domestic sales of EVs will exceed 10,000 units this year, more than quadruple the 1,954 units sold in 2021. “This year is a golden year for EVs, as we see a sharp rise in demand, and that encourages more players to jump in the battery market,” said an analyst at Kasikokrn Research Center.

- Advertisement -

Last year the Thailand government decided to invest 192 million baht in a zinc-ion battery plant in the Eastern Economic Corridor. The project will be managed by the National Science and Technology Development Agency, which enunciated that zinc-ion batteries are safer and more eco-friendly than their lithium-ion counterparts.

The investments targeted a capacity of 380 MWh for 2021, which is expected to rise to 1,000 MWh over the next few years.


 

- Advertisement -

Most Popular Articles

Nishchay Pandey
Nishchay Pandey
Bioengineer with a knack for writing, I love IoT, Open-source and creativity.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Report Suggests India’s EV Sales Will Surge, Rising 66% In 2024

0
In 2023, sales of electric vehicles (EVs) in India almost doubled due to increased consumer interest, government actions, better infrastructure, and climate change worries....

Ascend Performance Materials: Pioneering Innovation in the Electronics Sector

0
Bridging material advancements in plastics and technological progress, Ascend leads with customised solutions for a safer, reliable and greener tomorrow. Q. How would you explain...

DigiKey Expands Portfolio With 3PEAK

0
This collaboration adds amplifiers, interface components, data converters, and more, catering to industries such as communication, industrial, medical, and automotive.  In a strategic move aimed...

Buzz

Microsoft’s $1.5B AI Venture In UAE Stirs Global Interest

0
New partnership with G42 promises transformative AI advancements in emerging markets, impacting tech and geopolitics. Microsoft has announced a strategic $1.5 billion investment in UAE-based...

Tesla Power, E-Ashwa To Introduce India’s First EV With Fire Safety Tech

0
The partnership also expands to include the provision of after-sales support for electric vehicle customers by establishing a comprehensive network of sales and service...

Elektrobit Introduces EB zoneo GatewayCore Featuring Infineon’s AURIX TC4x

0
The EB zoneo GatewayCore is designed to connect hardware-dependent accelerators with the Classic AUTOSAR framework, providing adaptable support for intricate routing scenarios. Elektrobit, a premier...

Important Sectors

Tesla Power, E-Ashwa To Introduce India’s First EV With Fire Safety Tech

0
The partnership also expands to include the provision of after-sales support for electric vehicle customers by establishing a comprehensive network of sales and service...

Elektrobit Introduces EB zoneo GatewayCore Featuring Infineon’s AURIX TC4x

0
The EB zoneo GatewayCore is designed to connect hardware-dependent accelerators with the Classic AUTOSAR framework, providing adaptable support for intricate routing scenarios. Elektrobit, a premier...

Raptee’s Cell Chemistry Extends Battery Life, Says Dinesh Arjun

0
The Co-founder and CEO of Raptee disclosed that the company is currently sourcing its cells from a variety of countries. Dinesh Arjun, the Co-founder and...

AVL And Red Bull To Create High-Density Fuel Cell Technology

0
The advanced technology, featuring ultra-high power density and a lightweight design, is said to be two-thirds lighter than traditional fuel cell systems. This partnership...

Raptee Debuts First EV Motorcycle From Chennai Plant

0
Raptee Energy is gearing up for the commercial launch of its motorcycles by priming its assembly line, preparing the initial batch for testing, and...

Manufacturing

AVL And Red Bull To Create High-Density Fuel Cell Technology

0
The advanced technology, featuring ultra-high power density and a lightweight design, is said to be two-thirds lighter than traditional fuel cell systems. This partnership...

JJG Aero Secures $12 Million Investment From CX Partners

0
The Bengaluru-based aerospace components manufacturer intends to use the funds primarily to enhance vertical integration, increase production capacity at the new site, and support...

Tata Electronics Finalizes Semiconductor Agreement With Tesla

0
Ashok Chandak, the head of the India Electronics and Semiconductor Association (IESA), highlighted that Tesla’s initiative to establish a network of domestic suppliers for...

Sterling Tools Targets 40% of Sales from EV Business by FY25

0
This increase is anticipated to come from the EV business segment, which is integral to the company's strategy to diversify its operations. With a certain...

Lanxess, IBU-tec Partner To Develop Iron Oxides For EV Batteries

0
The collaboration focuses on enhancing the performance of LFP (lithium iron phosphate) cathode materials and reducing batteries' carbon footprint. Utilizing local raw materials, the...