PTT Public Company Limited (PTT) and Hon Hai Technology Group (Foxconn) yesterday signed a Memorandum of Understanding (MoU) to collaborate in setting up a production of electric vehicle (EV) platform in Thailand.
State-owned PTT is Thailand’s largest business group covering all aspects of the petrochemical industry, similar to Malaysia’s Petronas.
The move by both parties will enable automakers in Thailand to have access to the entire value chain of services offered by a newly formed JV, providing instant scale to the local EV industry in Thailand.
There is no actual full-sized car production here, as the platform will be the MIH open-source EV that was spearheaded by Hon Hai Technology Group. The MIH (Minimalism Intrinsic Harmonic) combines various experienced hardware and software vendors and suppliers to create an EV kit- a rolling chassis with the powertrain and the necessary control electronics.
Customers using the MIH EV open platform will then build a body on top of the EV platform to form a complete automobile. To date, Foxconn says there are over 1,640 members in the MIH project, with key partners include Qualcomm, Mediatek, Texas Instruments, CATL, Bridgestone and Applied EV. Earlier this year, Foxconn and Geely announced a JV to contract-manufacture EVs for anyone who is interested.
The collaboration will bring together PTT’s innovation & technology and proven track record in the 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.
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 it advocates will meet the demand of the future EV market. This cooperation with PTT and the Thai government to realise the vision of sustainable development of the EV industry, demonstrates that the MIH ecosystem is growing.
Mr. Auttapol Rerkpiboon, President and Chief Executive Officer, PTT, revealed not only that this JV was a significant milestone for PTT’s overall business, but also help Thailand to lead Asia as a regional hub for EV manufacturing.
Both parties believe Thailand can show the world that the “Eastern Detroit” can continue to shine in the field of EV.
The government of Thailand recently announced bold plans to accelerate the supply and adoption of EVs in the country. By the end of 2025, Thailand hopes to have 25% of new vehicles sold are zero local emissions, with the figure increasing to 50% by the end of this decade, up from 30% previously proposed.
The kingdom plans to only offer zero-emission new vehicles from 2035, the earliest country in the ASEAN region to wave goodbye to the internal combustion engine.