Foxconn to Produce EVs With Thai Energy Group From 2024

(Nikkei Asia) — Thai state energy group PTT will start producing electric vehicles (EVs) in the country in 2024 through a new joint venture with Taiwan’s Hon Hai Precision Industry, also known as Foxconn, the Bangkok-based company announced Monday.

Horizon Plus, which was established Thursday, is 60% owned by PTT and 40% owned by Foxconn, a major Apple supplier. The companies are expected to invest a combined $1 billion to $2 billion into the venture.