According to media reports, two Thai government officials revealed on March 5th that South Korean automaker Kia Motors is in negotiations with Thailand to establish an electric vehicle factory in the country.
The officials stated that the negotiations are ongoing, with a focus on the incentives sought by the automaker from the Thai government. One of the officials remarked, "They have put forward a serious proposal. Let's see how they go."
In response to the above reports, Kia Motors and the Thailand Board of Investment (BOI) did not immediately respond to requests for comment.
In January, the BOI had indicated that Kia Motors was considering investment in Thailand. As Southeast Asia's largest automotive manufacturing and exporting country, Thailand has introduced a series of incentives, tax breaks, and other measures aimed at becoming a leader and primary base for electric vehicle production in the region. According to the Thai government's plan, the country aims to convert 30% of its annual production of 2.5 million vehicles to electric vehicles by 2030.
Just two days earlier, a Thai government official also disclosed that Thailand is in separate negotiations with Tesla to establish a potential electric vehicle and battery production facility. Additionally, several Chinese automakers are also targets of the Thai government.
The Thai automotive market, which has long been dominated by Japanese automakers such as Toyota and Honda, has already attracted investment commitments of over $1.44 billion from Chinese electric vehicle manufacturers for constructing production facilities locally.
