China's Hozon to make EVs in Thailand for Southeast Asian market
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The EV manufacturer introduced its NETA V model in the Thai market last year and intended to start selling its NETA U and NETA S models soon, as per a government official.
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Hozon New Energy Automobile Co, also known as Neta Auto, launched its Neta V city car in Thailand last August. (Reuters)
A Thai official said, on Saturday, that China's Hozon New Energy Automobile will create electric vehicles in Thailand for the Southeast Asian market, following others in building facilities in the region's key auto production hub.
In a statement, Thai government spokesperson Tipanan Sirichana said Hozon inked an agreement with Thailand's Bangchan General Assembly this week to begin production of its NETA V model, expected in 2024.
The EV manufacturer introduced its NETA V model in the Thai market last year and intended to start selling its NETA U and NETA S models soon, as per Tipanan.
As domestic demand for brands like Great Wall Motors and Tesla heats up, other Chinese EV manufacturers including BYD have also made investments in Thai plants.
A Thai official announced last month that Changan Auto, based in China, will invest $285 million in a factory there.
For automakers like Toyota and Honda, Thailand is the fourth-largest vehicle assembly and export hub in Asia.
By granting tax breaks and subsidies to encourage EV manufacturing and adoption, the nation hopes to be a significant participant in the global EV supply chain.
By 2030, the automaker wants EVs to make up 30% of domestic auto production.
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