Thailand's PTT looks to cut its stake in EV venture with Foxconn

Thai oil giant says Chinese competition has forced it to rethink project

Taiwan's Foxconn says it remains committed to its global electric vehicle ambitions even as it reins in some of its targets for the sector. © Reuters

APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writer

November 21, 2024 16:53 JST

BANGKOK -- Thai oil and gas conglomerate PTT Group says it is looking to lower its stake in a $1 billion electric vehicle joint venture with Taiwan's Foxconn, citing fierce competition from Chinese EV makers weighing on the domestic market.

PTT President and CEO Kongkrapan Intarajang said his company plans to reduce its stake in the project, which currently stands at 60% to Foxconn's 40%, and allow the Taiwanese iPhone assembler to take a leading role in the venture.