Oil companies provide helping hand to electric vehicles in South-east Asia

Thailand, Indonesia and Vietnam have set their sights on becoming a production hub for electric vehicles and battery storage. PHOTO: REUTERS
New: Gift this subscriber-only story to your friends and family

DENPASAR (BALI) - South-east Asia's electric vehicle industry is revving up with help from an unexpected source - oil companies.

Thailand's PTT entered into two joint venture agreements this year to produce electric vehicles, one of which was a tie-up announced in September with Taiwan electronics-maker Foxconn that would see the state-owned oil company investing as much as US$2 billion (S$2.72 billion) to eventually churn out 50,000 electric vehicles a year. PTT inked a second joint venture with Chinese electric vehicle-maker Hozon in November.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.