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.
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