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Foxconn to produce EVs with Thai energy group from 2024

PTT sets up new rental service to promote electrics

In addition to the new venture, PTT is installing chargers at its gas stations across Thailand to promote EVs in the country.   © Reuters

BANGKOK -- Thai state energy group PTT will start producing electric vehicles 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.

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