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PTT : and Foxconn Announce Together Venture on Electric Vehicle Production Platform

05/31/2021 | 06:54am EDT

PTT and Foxconn sign Memorandum of Understanding to collaborate in setting up an openplatform for producing electric vehicles (EV) and key components to serve the EV sector in Thailand. The platform,comprising hardware and software services, will be available to all automobile playersin Thailand looking to accelerate their production and sales of EVs in Thailand and elsewhere in the ASEAN region. The effort uniquely combines PTT's strengths in Thailand's market knowledge, distribution network, extensive customer reach and a commitment to future-oriented, innovative and sustainable solutions and Foxconn's proven capabilities as a global leader in smart manufacturing and its visionary push in leading electric cartechnological solutions.

BANGKOK and TAIPEI, May 31, 2021H.E. General Prayut Chan-o-cha, Prime Minister of Thailand, presided over the Virtual Signing Ceremony of a Memorandum of Understanding (MoU) for a Development and Manufacturing EV project in Thailand between PTT Public Company Limited, the largest publicly listed conglomerate in Thailand and Hon Hai Technology Group (Foxconn), the leading global technological solution provider. The objective of the MoU is to enter into a partnership, supporting the production of electric vehicles . The partnership aims to set up an end-to-end production platform that 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. The signing ceremony included the participation of a number of government officials and business executives as witnesses to this important development. They included the Deputy Prime Minister and Minister of Energy, Mr. Supattanapong Punmeechaow, the Secretary-General to the Prime Minister of Thailand, Mr. Distat Hotrakitya, theSecretary General of the National Economic and Social Development Council, Mr. Danucha Pichayanan, theSecretary General of the Thailand Board of Investment, Ms. Duangjai Asawachintachit and PTT's Chairman Prof. Dr. Thosaporn Sirisumphand.

Automobile players in Thailand that wish to assemble electric vehicles will be able to access the entire value chain of services offered by a newly formed JV being set up as part of this project. The intent is to help manufacturers not only access EV-specific services but also launch new models more quickly at a competitive cost. The collaboration will bring together PTT's innovation & technology and proven track record in energy business, and its network of partners, subsidiaries and existing ventures, into the EV landscape and Foxconn's proven capabilities in smart manufacturing and its experience in reducing product-development cycles and overall speed in bringing products to market. Through this collaboration, PTT and Foxconn aspire to shape the future of mobility in Thailand and propel Thailand towards a sustainable, emissions-free future.

The new platform will entail an ecosystem combining state-of-the-art technologies across the EV value chain, including auto parts manufacturing. It will build on Foxconn's recently-established MIH industry alliance, an open network that enables developers and manufacturers to offer a complete software and hardware platform to build electric cars.

Mr. Auttapol Rerkpiboon, President and Chief Executive Officer, PTT Public Company Limited (PTT), revealed that this joint agreement was a significant milestone for PTT's EV value chain businesses to foster sustainable growth while addressing the changing era of future energy especially transportation and mobility. This business partnership with Foxconn will emphasize the expertise of two companies that will be beneficial to enabling the automotive industry to meet quality goals and sustainable global benchmarks, and will help Thailand lead Asia as a regional EV manufacturing hub. In addition, in response to the government's policy, the expansion of EV production will provide significant opportunities for enhancing Thailand transportation system through reduced emissions, and this will allow the country to move more rapidly towards sustainable, renewable sources of electricity.

Mr. Young Liu, the Chairman of Foxconn, said that as a leader that innovates in the global technology industry, the MIH platform and Foxconn's unique business model that we advocate will meet the demand of the future EV market. This cooperation with PTT and the Thai government to realize the vision of sustainable development of the EV industry, demonstrates that the MIH ecosystem is growing. Moreover, this way of cooperation is widely recognized. Regarding PTT's development in EV and battery charging infrastructure, Foxconn can contribute our expertise and technology to gradually build a complete and vertically integrated EV industry in Thailand. Through this open model and local industrial advantages, we believe that Thailand will become a leader in the global EV evolution, and show the world that the Eastern Detroit can continue to shine in the field of EV.

'PTT, as a state-owned enterprise, supports the government's policies for a green, emission-free future, and it shares the aspiration for sustainable mobility solutions. The JV with Foxconn is part of its commitment towards those policies. The partnership will involve transfer of knowledge and technology, helping Thai people to build skills in future-oriented industries and break through the middle-income trap, while also allowing Thai consumers to gain access to cost-competitive and sustainable mobility solutions with locally produced EVs.' said Mr. Auttapol.

About Thailand 30/30 EV plan

Thailand is already the leading car manufacturer in Southeast Asia, with more than two million vehicles produced annually, of which more than half are exported around the world. The Thai government is also committed to attracting additional investment into sustainable, innovative industries, including EVs. It has developed a 30/30 vision for electric vehicles, where 30% of all production is for zero-emission vehicles by 2030. This would bring the number of cars produced each year to 725,000 emission-free passenger cars by 2030. Several committees have been established by the government to ensure that the necessary policies, incentives, infrastructure, and impact mitigation for related industries are in place for the EV ecosystem to develop and thrive in Thailand.

About PTT Public Company Limited

Established in 1978, PTT Public Company Limited is a Thailand-based state-owned listed company engaged in the energy businesses. PTT is today, Thailand's largest business group with a market cap of USD 36 billion. The Company supplies, transports and distributes natural gas vehicle (NGV), petroleum products and lubricating oil via service stations throughout Thailand and also exports to overseas markets. Through its subsidiaries and affiliated companies, the Company is involved in exploration, production, refinery, marketing and distribution of petroleum, petrochemical products and aromatics. In its drive into innovative, future-proof and sustainable industries, PTT is committed to spearheading the development of EV ecosystem in Thailand and moving towards low carbon society.

PTT Public Company Limited

Corporate Communication and Branding Department, PTT Public Company Limited

Tel. 0-2537-2341

Fax. 0-2537-2171

About Foxconn

Established in Taiwan in 1974, Hon Hai Technology Group ('Foxconn') (2317: Taiwan) is the world's largest electronics manufacturer. Foxconn is also the leading technological solution provider and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies. To learn more, visit www.honhai.com

Hon Hai Technology Group contact information

Jimmy Huang, Deputy Spokesperson, Corporate Communication



About MIH Open EV Platform

MIH Open EV Platform is creating an open EV ecosystem that promotes collaboration in the mobility industry. Our mission is to realize key technologies, develop reference designs and standards, while we bridge the gap for alliance members resulting in a lower barrier to entry, accelerate innovation, and shorter development cycles. Our goal is to bring together strategic partners to create innovative solutions for the next generation of EV, autonomous driving, and mobility service applications. To learn more, visit https://www.mih-ev.com


PTT pcl published this content on 31 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2021 10:53:01 UTC.

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Sales 2021 2 150 B 64 830 M 64 830 M
Net income 2021 106 B 3 189 M 3 189 M
Net Debt 2021 340 B 10 246 M 10 246 M
P/E ratio 2021 9,56x
Yield 2021 5,07%
Capitalization 1 000 B 30 166 M 30 139 M
EV / Sales 2021 0,62x
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