Chery’s EV dreams charge ahead in Thailand: BoI blessings pending
China‘s Chery International, through its subsidiary Omoda & Jaecoo International Co, intends to establish an electric vehicle (EV) production facility in Thailand, pending Board of Investment (BoI) privileges. Qi Jie, Thailand’s national director at Omoda & Jaecoo International, will unveil detailed investment and business plans in the coming months.
Chery, one of China’s top vehicle manufacturers, plans to introduce two EV brands, Omoda and Jaecoo, in Thailand, expecting a positive response from local consumers.
Thailand’s EV investment plan consists of three phases, with the first, slated for 2024-25, targeting an annual EV production capacity of approximately 18,000 units. Discussions are underway with Arun Plus Co, a subsidiary of PTT Plc, regarding potential EV manufacturing for Omoda & Jaecoo before establishing a dedicated facility. Jie said…
“The second phase (2026-27) targets a production capacity increase to around 50,000 units annually, with 45,000 earmarked for export markets and the remainder for domestic consumption.”
The third stage (2028-30) envisages expanding production capacity beyond 100,000 units annually, with 60,000 units intended for export, Jie added.
The company is in talks with Thai partners for a potential long-term EV manufacturing joint venture.
Chery is expanding in Southeast Asia, beginning with Indonesia and Malaysia. Thailand is their third investment location, focusing on producing EVs for local and export markets. Indonesia and Malaysia will continue making internal combustion engine products.
Chery’s plans hinge on Thailand’s government and the EV Policy Committee approving the “EV 3.5” scheme, replacing the expiring 3.0 scheme in December. Delayed approval could lead to Chery postponing its Thai investment. The EV 3.5 scheme aims to benefit EV manufacturers and boost EV demand in Thailand.
“However, our commitment to investing in Thailand is firm.”
The company’s plans also include the construction of approximately 30 showrooms and the provision of after-sales services for Thai customers. Omoda & Jaecoo anticipates that around 15-20 dealers will represent them in the country.
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