PTT Public Company Limited's headquarters in Bangkok. (Photo: Wikimedia Commons)
The electric vehicle market in Asia has been bustling in recent days. Japan's two major automakers, Honda and Nissan, confirmed they are considering a merger. Soon after, reports emerged that Foxconn is interested in acquiring Nissan, aiming to bolster its brand in the electric vehicle sector.
While it remains uncertain whether Foxconn can replicate the "Sharp model" to expand its electric vehicle footprint, its plans in Thailand are clearly facing significant obstacles.
Thailand's car market cools down
In 2021, Foxconn entered into a partnership with Thailand’s state-owned oil company, PTT, to jointly establish an electric vehicle assembly plant in Thailand, with a planned investment of up to $2 billion, and an expected annual production capacity of 50,000 units by 2024.
