BANGKOK (NNT) - Thailand’s National oil and gas conglomerate PTT signed a memorandum of understanding with Taiwan’s Foxconn on Monday, to manufacture electric vehicles (EVs) and components in Thailand.

Prime Minister Prayut Chan-o-cha presided over the Virtual Signing Ceremony, which aims to set up an end-to-end production platform, which provides instant scale to the local EV industry in Thailand, leading the country into a new era of innovative, fast-paced growth in electric car manufacturing.

PTT President and Chief Executive Officer Auttapol Rerkpiboon said this agreement is a significant milestone for PTT’s EV value chain businesses, to foster sustainable growth while addressing the changing future energy landscape, especially in transportation and mobility.

He added that this business partnership will be beneficial to the enabling of the automotive industry to meet quality goals and sustainable global benchmarks, and will help Thailand lead Asia as a regional EV manufacturing hub. It also responds to the government’s policy to move the country more rapidly towards sustainable, renewable sources of energy.

National News Bureau Of Thailand