PTT sets up JV to develop electric vehicles and battery production in Thailand

PTT Public Company Limited (PTT), the state oil and gas company, and Global Power Synergy (GPSC), its power generation subsidiary, have formed a joint venture (JV) to support the development of electric vehicles (EV) and battery production in Thailand.

The JV company named Nuovo Plus will undertake the feasibility of potential investment in battery production and sales.The JV will also support the construction of an EV battery plant in Rayong and the deployment of charging infrastructure and digital platform in Thailand. The USD1-2 billion plant is expected to commence production of EVs by 2024 or 2025 with an annual capacity of 50,000. Currently, the plant produces G-Cell lithium-ion batteries for electric tuk-tuks, buses and motorcycles, with current annual capacity of 141 MWh.In November 2021, PTT and China-based Hozon Auto, an EV manufacturing firm, signed an agreement to investigate the possibility of using the facility to manufacture and distribute its vehicles.

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