Thailand woos Chinese EV investment, secures Chery

: Battery materials
24/04/23

Chinese state-owned auto producer Chery Automobile will build an electric vehicle (EV) factory in Thailand after more than two years of discussions with Thailand's Board of Investment (BOI), which has secured multiple other EV-related investment.

Chery will build a plant in Rayong province with a first phase capacity of 50,000 unit/yr of battery and hybrid EVs, which is scheduled to begin production in 2025, BOI said on 22 April. The plant's capacity is expected to be expanded to 80,000 unit/yr by 2028 in a second phase. Chery's project has also been approved by BOI for the country's investment promotion. Thailand's investment promotion strategy grants successful projects tax and non-tax incentives.

BOI secretary-general Narit Therdsteerasukdi this month met executives from seven Chinese battery manufacturing firms, including Gotion High-tech, China Aviation Lithium Battery and the world's largest battery producer CATL. Two major manufacturers are expected to invest in cell-level battery production in Thailand this year, which will each come with 6-10 GWh of capacity in their first phase and with a combined investment value of over 30bn baht ($810mn).

All the firms were interested in Thailand's incentives for EV battery manufacturers, said Narit.

"I believe that in two years Thailand will have a large-scale battery cell factory. This will be another milestone to strengthen the supply chain and the long-term foundation of the electric vehicle industry in Thailand," said Narit.

Thailand aims to attract Bt1 trillion of investment for its future automobile industry by 2030 as it seeks to become a future mobility hub, Thai prime minister Srettha Thavisin said in February. The country has since secured Bt240bn of investment from Japanese car producer Isuzu.

Thailand last year also secured Bt9.8bn of investment from Chinese major auto manufacturer Changan Automobile, similarly after two years of discussions.

Thailand's EV registrations in 2023 more than quadrupled from a year earlier to nearly 90,000 units, reaching a 10pc vehicle sales share that is comparable to the US, according to the IEA's Global EV Outlook 2024.

By Joseph Ho

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24/11/21

Cop: EU, four countries commit to 1.5°C climate plans

Baku, 21 November (Argus) — The EU, Canada, Mexico, Norway and Switzerland have committed to submit new national climate plans setting out "steep emission cuts", that are consistent with the global 1.5°C temperature increase limit sought by the Paris Agreement. The EU and four countries made the pledge at the UN Cop 29 climate summit in Baku, Azerbaijan today, and called on other nations to follow suit — particularly major economies. Countries are due to submit new climate plans — known as nationally determined contributions (NDCs) — covering 2035 goals to the UN climate body the UNFCCC by early next year. The EU, Canada, Mexico, Norway and Switzerland have not yet submitted their plans, but they will be aligned with a 1.5°C pathway, EU climate commissioner Wopke Hoekstra said today. The Paris climate agreement seeks to limit the global rise in temperature to "well below" 2°C and preferably to 1.5°C. Canada's NDC is being considered by the country's cabinet and will be submitted by the 10 February deadline, Canadian ambassador for climate change Catherine Stewart said today. Switzerland's new NDC will also be submitted by the deadline, the country's representative confirmed. Pamana's special representative for climate change Juan Carlos Monterrey Gomez also joined the press conference today. Panama, which is designated as carbon negative, submitted an updated NDC in June. It is planning to submit a nature pledge, Monterrey Gomez said. "It is time to streamline processes to get to real action", he added. The UK also backed the pledge. The UK announced an ambitious emissions reduction target last week. The UAE — which hosted Cop 28 last year — released a new NDC just ahead of Cop 29, while Brazil, host of next year's Cop 30, released its new NDC on 13 November during the summit. Thailand yesterday at Cop 29 communicated a new emissions reduction target . Indonesia last week said that it intends to submit its updated NDC ahead of the February deadline, with a plan placing a ceiling on emissions and covering all greenhouse gases as well as including the oil and gas sector. Colombia also indicated that its new climate plan will seek to address fossil fuels, but it will submit its NDC by June next year . By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Graphjet launches Malaysian biomass-to-graphite plant

24/11/20

Graphjet launches Malaysian biomass-to-graphite plant

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Cop: Progress on actions to cut emissions uncertain

24/11/18

Cop: Progress on actions to cut emissions uncertain

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Cop: G20 momentum key to Cop climate finance outcome

24/11/18

Cop: G20 momentum key to Cop climate finance outcome

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Echion, CBMM open Nb anode material facility

24/11/13

Echion, CBMM open Nb anode material facility

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