Thailand Approves Billion-Dollar Investment by China’s Sunwoda Electronic in EV Battery Production
Thailand’s Commission on the National Competitiveness Enhancement for Targeted Industries has given the green light to a major investment by a unit of China’s Sunwoda Electronic in the production of electric vehicle (EV) and energy storage system (ESS) batteries at the cell level. This move, worth over a billion dollars, is set to bolster the country’s supply chain and support EV manufacturing for both domestic and export markets.
The Commission, led by Deputy Prime Minister and Minister of Finance, Mr. Pichai Chunhavajira, who also serves as the Chairman of the Thailand Board of Investment (BOI), approved the investment at a meeting today. Established by law in 2017, the Commission aims to support new industries that add value to the economy and enhance Thailand’s competitiveness in a sustainable manner.
Sunwoda Automotive Energy Technology (Thailand) Co., Ltd. is planning to establish manufacturing facilities in Thailand’s Eastern Economic Corridor area, with the first factory located in Chonburi Province focusing on producing lithium-ion battery cells for EV manufacturers. This milestone investment is expected to strengthen Thailand’s EV supply chain, positioning the country as a leading manufacturing hub for EVs and hybrids, ultimately boosting its competitiveness in the global market.
The construction of Sunwoda’s first factory in Thailand is progressing smoothly, with plans to hire over 1,000 staff once production commences. The project will not only create job opportunities for Thai engineers and workers but also facilitate knowledge transfer in an industry crucial for the country’s future development.
As a subsidiary of Sunwoda Electronic Co.,Ltd, headquartered in Shenzhen, Guangdong Province, China, Sunwoda Automotive Energy Technology (Thailand) will be the company’s first EV-related battery cell factory in the ASEAN region. With Thailand’s strong position in the conventional internal combustion engine (ICE) auto industry, the shift towards promoting investment in electrification has attracted significant investments in EV and hybrid production.
Several major Chinese manufacturers of battery electric vehicles (BEV) have already established a presence in Thailand, with more planning to set up manufacturing facilities in the near future. The country’s growing EV ecosystem includes a network of charging stations, local manufacturing of chargers, assembly of battery packs, and modules from imported cells, solidifying its position as a key player in the EV market.
In 2024, Thailand witnessed a surge in investment promotion applications, with the automotive and parts sector ranking third in terms of value. This growth in investment reflects the country’s attractiveness to foreign direct investment (FDI) projects, particularly in high-tech industries such as data centers, cloud services, and semiconductor manufacturing.
For more information, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
YouTube: Think Asia, Invest Thailand
SOURCE: Thailand Board of Investment (BOI)
