On Wednesday, the Board of Investment (BOI) announced its approval of a $400 million investment from tyre manufacturer Continental to expand its current operations in Thailand, the second-largest tyre producer worldwide after China.
Continental has been manufacturing tyres in Thailand for the past five years, utilizing domestically sourced rubber and other materials to produce tyres for motorcycles, light trucks, and passenger vehicles, including electric vehicles (EVs), according to a BOI statement.
Thailand serves as a regional hub for automobile manufacturing, attracting investments from major EV brands in recent efforts to strengthen its position in the market.
The new investment will increase Continental’s production capacity to 7.8 million tyres annually and create 600 new jobs, raising the company’s total workforce in Thailand to 1,500, the BOI reported.
“This significant expansion by Continental further solidifies Thailand’s role as a hub for the automotive industry,” asserted BOI Secretary General Narit Therdsteerasukdi.
