$1.44 billion investing in new production facilities in the country....
Thailand's goverment said on Friday, Automotive Technology and Research Center (CATARC) will be established by China, in regional automaking hub Thailand, fourth such facility of the center's in the world.
Tax incentives and subsidies by Thai government have already drawn Chinese carmakers, including BYD and Great Wall Motor, which is investing in new production facilities in the country of worth $1.44 billion.
CATARC, a Chinese government affiliated auto research institute, has centres in Germany, Switzerland and Japan and the latest one will facilitate Chinese electric vehicle (EV) manufacturers in Thailand, Thai government spokesperson Chai Wacharonke said in a statement.
Southeast Asia's largest car producer and exporter is Thailand in the region, with Japanese manufacturers including Toyota Motor Corp and Isuzu Motors dominating the domestic sector for decades.
Till 2030 Thailand aims to convert about a third of its annual production of 2.5 million vehicles into EVs and is preparing incentives to encourage more investment and conversion into EV manufacturing.
Up to 150,000 baht ($4,265) per car currently goverment subsidies in Thailand allowed allowed EVs to gain more traction, which accounted for about half of all EV sales in Southeast Asia in the second quarter.
Thai Prime Minister Srettha Thavisin said last week he has shown Tesla executives industrial estate for potential investment.
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