GAC Will Invest 6 Billion Baht In Thai EV, Battery Factories

Guangzhou Automobile Corporation (GAC), China's second-largest EV seller, plans to invest 6 billion baht in Thailand over the next three to five years in the construction of EV and battery factories. The move will turn the country into a key production and export hub for the company, Bangkok Post reported.

Ocean Ma, who oversees Aion Automobile Manufacturing and Aion Automobile Sales (Thailand), stated that the company is currently determining the location and production capacity of the factories. The goal is to serve both domestic and international markets.

This move is consistent with the Thai government's goal of transforming the country into a regional hub for electric vehicles. In 2021, the National EV Policy Committee declared its intention to produce half of all locally manufactured vehicles as EVs.

In line with its parent company's environmental policies and the global fight against global warming, Aion is looking to build eco-friendly production facilities in Thailand. This will help to reduce CO2 emissions from manufacturing processes.

Thailand is GAC's first overseas investment, according to Ma, indicating the country's strategic importance to the company. He stated that the goal is to make Aion one of Thailand's top three EV brands. He observed that the region, particularly Thailand, has significant EV growth potential.

GAC intends to officially launch the Aion Y Plus EV in September. Following that, the company plans to release three new models per year. GAC currently offers six electric vehicle models.

BYD leads the Chinese market in terms of sales volume, followed by GAC and Tesla. GAC sold 250,000 units in China in the first seven months of 2023, a 120% increase year on year.

According to Bangkok Post, Apichat Leenutaphong, the founder and CEO of Sharich Holding Co, an Aion dealer, stated that the company plans to invest in 12 to 15 GAC showrooms. Aion has already approved the construction of four showrooms. According to Apichat, Sharich Holding will spend between 15 and 40 million baht on each showroom's development.