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Thai EV battery market heats up as key players jump in

Companies pour money into push to make country ASEAN production hub

More Thai companies are investing in the country's surging EV sector, with battery production a priority.   © Reuters

BANGKOK -- From a state-owned enterprise to a renewable energy startup, key players are jumping into Thailand's electric vehicle battery market, driven by the government's push to make the country into a regional production hub for EVs and their components.

Global Power Synergy (GPSC), the utility arm of Thailand's state-owned oil and gas conglomerate PTT Group, will spend 2.7 billion baht ($73.6 million) through this year to develop EV batteries in the country's Eastern Economic Corridor. The project includes an EV battery plant and creation of an associated supply chain.

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