Thai oil and gas conglomerate PTT has entered the lithium-ion battery market to support its EV brand Neta and take advantage of the growing electric vehicle market. As part of a joint venture with NV Gotion, PTT aims to initially produce 2 gigawatt-hours of batteries per year, with plans to increase capacity to 8 GW-hours to meet rising demand.
The Thai government’s incentives have attracted Chinese EV manufacturers to Thailand, leading to increased battery demand. PTT’s batteries will be supplied to Horizon Plus, a joint venture between PTT and Foxconn, which manufactures Neta EVs.
This move aligns with Thailand’s goal of having zero-emission vehicles account for 30% of local automobile production by 2030. PTT’s diversification into EV battery manufacturing reflects its commitment to sustainable energy solutions and capitalizes on the global shift towards electric transportation.
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