Hozon, a Chinese manufacturer of electric vehicles (EVs), is establishing a manufacturing facility in Thailand as part of an expansion into Southeast Asia.The startup, which is funded by CATL, the largest EV battery manufacturer in the world, has teamed up with a local auto assembly company to start producing its NETA V model the next year. With a 20,000 vehicle capacity per year, the plant will serve both the domestic and regional markets.
Hozon launched its NETA V city car in Thailand last year, with prices starting at 549,000 baht ($16,500). The business intends to expand its model lineup in the future and look into business potential in the Middle East and Europe. As part of its objective to sell 300,000 cars worldwide this year, Hozon hopes to sell 10,000 cars in Thailand.
Thailand has a robust supply chain that supports numerous auto manufacturers and is the largest market for passenger EVs in Southeast Asia. Additionally, the nation has provided financial subsidies, tax breaks, and infrastructural development for EV producers and buyers. In an effort to reach carbon neutrality by 2050 and net zero emissions by 2065, the government has set a goal of having 30% of new automobile sales be electric by 2030.
Anucha Burapachaisri, a government spokesperson, reported an increase in EV registrations to 8,522 in March from 4,543 in January. Motorbikes (2,263) and vehicles (6,205 units) with fewer than seven seats made up the majority of the EVs registered in March.
Changan Automobile said earlier in April that it would invest 9.8 billion baht (US$ 285 million) in Thailand to establish its first right-hand drive EV production center outside of China.
