Thailand's PTT struggles to go green as EV project flops

BANGKOK -- State-run energy giant PTT's decarbonization efforts have hit a roadblock, as work on a joint EV factory with Taiwan's Hon Hai Precision Industry that was to be the lynchpin of its strategy has been halted by sluggish demand for new vehicles.

PTT had been building an electric vehicle assembly plant in Chonburi province in eastern Thailand since 2022 through Horizon Plus, a joint venture between its EV-related subsidiary and Hon Hai, also known as Foxconn. The plant, with a total investment of about 37 billion baht ($1.1 billion), was scheduled to be completed in 2024, with an expected production capacity of 50,000 units per year.