Great Wall Motor Ramps Up EV Production in ASEAN with Thai-Made Models
Great Wall Motor (GWM) has announced its plans to expand electric vehicle (EV) operations in the ASEAN region, starting with the sale of locally produced EVs in Thailand.
Riley Harper
- 2024-01-12
- Updated 09:31 PM ET
(NewsNibs) - Entering the Thai market three years ago, GWM has developed an EV production base in the country. The automotive company has revealed that starting this month, it will begin selling EVs manufactured at its production facility in Rayong, Thailand. This move aligns with GWM's commitment to the ASEAN market and its ambition to become a significant player in the region's growing EV sector. In 2020, the company declared a substantial investment of 22 billion baht for EV production and renewable energy development in Thailand. Since 2021, GWM has introduced nine EV models throughout Thailand and other ASEAN countries, with cumulative sales reaching 1.4 million units.
Upcoming Business Plan and Production Goals
On February 9, GWM plans to announce a new business plan that will include the investment budget and elaborate on the new car models to be produced at their Rayong factory. The plant, which boasts a total annual capacity of 120,000 units, currently has an initial production target of 80,000 cars per year. Among the upcoming models is the Ora Good Cat, which will have three sub-models — Pro, Ultra, and GT — and a production goal of 8,000 units for this year. With locally produced EVs priced 100,000 baht cheaper than their imported counterparts, GWM aims to provide a more cost-effective option for Thai consumers.
Government Incentives and Support
GWM's involvement in Thailand's EV industry is further propelled by its participation in the Thai government's EV incentive package EV3.0 that offers tax cuts and subsidies for companies producing EVs locally between 2022 and 2023. The scheme requires companies like GWM to commence production in Thailand from 2024. GWM is also preparing to partake in the government's second-phase EV incentive scheme, EV3.5, extending from 2024 to 2027. Moreover, the Industry Minister Pimphattra Wichaikul has shown support for the automotive manufacturer during her visit to the GWM plant opening, reinforcing the government's dedication to nurturing the EV industry while continuing to support traditional internal combustion engine car producers.
GWM's strategic moves and alliances with government incentives mark a significant shift towards electrification in the Southeast Asian automotive market. The launch of the Ora Good Cat and the planned release of other models manufactured in the ASEAN region underscore the company's robust expansion efforts and the increasing demand for EVs in the area. GWM's progress indicates a positive trajectory for its presence in the ASEAN EV market and a step forward for the region's commitment to sustainable transportation solutions.
