BANGKOK -- Japanese electric vehicle startup FOMM will spend 1 billion baht ($30.4 million) to set up in Thailand its first-ever production site, the company said Tuesday at a news conference here.

Mass production is slated to begin around February for the venture's FOMM One, an electric car that seats four people and can run 160 km on one charge.

The company targets annual production of 10,000 vehicles at the factory, located at an industrial park in Chonburi Province southeast of the capital. Locally sourced parts are expected to account for more than 50% once mass production starts.

The car will sell for 664,000 baht through a subsidiary of Thailand's Provincial Electricity Authority. FOMM, based in Kawasaki, has received 355 orders since it began taking reservations at a major auto show outside Bangkok in March.