China's Geely Eyes Thailand's EV Market, Evaluates Possibilities Of Building A Plant

Author: Anusuya Lahiri | May 31, 2023 10:02am

• Geely Automobile Holdings Ltd (OTC:GELYF) (OTC:GELYY) is eyeing an entry into Thailand's electric vehicle (EV) market, including models for import and local manufacturing.
• The Chinese automaker weighs whether to market an entry-level electric car in Thailand and an electric pickup truck from its new Radar brand, Reuters cites knowledgeable sources.
• Thailand's Board of Investment held discussions with five major Chinese EV makers, including Geely, during a roadshow to China in April, its Secretary-General Narit Therdsteerasukdi said. 
• The others were BYD Co Ltd (OTC:BYDDF) (OTC:BYDDY), Chongqing Changan Automobile Co Ltd, JAC Motors, and Jiangling Motors Corp Ltd.
• The EV makers expressed keen interest in Thailand's policy to develop a regional EV production base and an integrated EV supply chain, Narit said.
• Thailand aims to convert around 30% of its annual production of 2.5 million vehicles into EVs by 2030 and is searching for new investments to protect and diversify its manufacturing base.
• BYD and China's Great Wall Motor Company, Ltd (OTC:GWLLF) (OTC:GWLLY) are amid building local EV production in Thailand.
• Discussions with Geely have faced an additional complication as it has given working-level autonomy to its brand-level operating groups like Geometry and Radar Auto.
• Geely's review included the possibility of building a plant in the country.
• Thailand offers some subsidies for EVs, provided automakers migrate the production of cars and parts to the country over several years.
• Price Action: GELYY shares closed lower by 2.27% at $23.22 on Tuesday.
• Photo via Wikimedia Commons

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