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.
