Thailand in Talks with Kia to Build EV Facility
Kia in Discussions with Thailand for EV Facility
South Korean car manufacturer Kia Corp is currently in talks with Thailand to establish an electric vehicle facility in the country, according to two government sources. Thailand aims to solidify its position as a leading EV producer in the region.
Details of the Negotiations
The discussions between Kia and Thailand are primarily focused on the incentives that the carmaker is seeking from the Thai government. The sources, who preferred to remain anonymous, mentioned that Kia has presented a compelling proposal to the Thai authorities.
Response from Kia and BOI
Both Kia and Thailand’s Board of Investment (BOI) have not provided immediate responses to inquiries from Reuters. Earlier in January, BOI had indicated that Kia was contemplating an investment in Thailand, contrary to previous media reports.
Thailand’s EV Initiatives
Thailand, known as Southeast Asia’s largest car producer and exporter, has been implementing various incentives, tax breaks, and initiatives to position itself as a frontrunner in EV production. The country aims to convert 30% of its annual vehicle production into EVs by 2030.
Thailand’s EV Market
Thailand’s vehicle market, historically dominated by Japanese automakers like Toyota and Honda, has attracted significant investment commitments from Chinese EV manufacturers. These investments are geared towards establishing production facilities in the country.
Future Prospects
Thailand is also in discussions with Tesla regarding a potential new facility that could include EV and battery production. The country’s ambitious goal is to emerge as a key player in the global EV market, leveraging its strategic initiatives and partnerships.
