Posted on 12 Jun 2023
Chinese power battery company Svolt Energy is reportedly planning to invest $30 million to produce new energy vehicle battery packs in Thailand.
The battery manufacturer has already established a subsidiary in Thailand and is said to be looking for a suitable site. The reports citing unnamed sources could not be confirmed by Kallanish.
In May, the government of Thailand disclosed that several lithium battery industry chain companies, including Svolt Energy, have expressed interest in establishing or expanding power battery layouts in the country.
According to Thailand’s TMB Thanachart Bank, electric vehicle registrations in Thailand are expected to surge to 292,000 units/year in 2024, and reach a 28.8% annual growth rate before 2030.
In February, Thai foreign affairs officials visited the business development department of Svolt Energy and discussed production expansion plans in Thailand.
Other Chinese automakers, including SAIC MG, BYD, and Great Wall Motor have been actively expanding in the Thai NEV market.
Source:Kallanish
