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Thailand energy group PTT to make e-motorbikes with Taiwan's Kymco

State-owned company eyes Southeast Asia, world's third-largest bike market

Heavy traffic in Bangkok. A joint Thai-Taiwanese venture called Aionex will produce and sell e-bikes plus operate battery-swapping services for them. (Photo by Kenya Akama)

BANGKOK -- Thai state-owned oil and gas group PTT will start making and selling electric motorcycles this year, hoping to bank on Southeast Asia's rapidly electrifying two-wheeler market, the world's largest after China and India.

Arun Plus, PTT's subsidiary in charge of making electric vehicles and batteries, will establish a joint venture with Kymco, Taiwan's leading two-wheeler manufacturer, by the end of this year, according to PTT documents submitted to the Stock Exchange of Thailand. The new company, called Aionex, is capitalized at 600 million baht ($17 million). Arun Plus plans to hold a 51% stake.

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