Dr. Kongkrapan Intarajang, CEO and President of PTT Public Company Limited (SET: PTT) said that the joint venture between the company and Foxconn Group to construct an electric vehicle (EV) platform factory, with a total value of more than $1 billion, has been put on hold.
It is speculated that this could be due to a high competition in the EV industry in Thailand that is now slashing prices to an edge over other producers.
The company is in a discussion phase with Foxconn to establish the latter as the core of this venture due to its expertise in the industry.
The EV factory is under the joint venture of Arun Plus Co., Ltd., of which PTT holds 60% of the company while Foxconn holds 40%, and has been built in the Eastern Economic Corridor (EEC) with an expected production capacity of 50,000 EVs per year. Earlier, Arun Plus and Foxconn decided to push commercial operations to 2025.
