CATL, PTT to Build EV Battery Plant in Thailand

By Ben Otto

Chinese battery maker Contemporary Amperex Technology and PTT PCL plan to build a battery production facility in Thailand, part of plans by the Thai oil major to launch an electric vehicle for sale across Southeast Asia in the coming years.

CATL, as the battery maker is known, will provide PTT subsidiary Arun Plus with a cell-to-pack production line and knowledge about battery pack manufacturing, the Ningde, China-based company said in a release dated Thursday.

The deal will lead to the "next step" of building an EV battery ecosystem, Arun Plus Managing Director Ekachai Yimsakul said in a separate release.

Arun Plus set up an EV manufacturing arm with Taiwan's Foxconn Technology Group last year to make electric vehicles for sale in Thailand and broader Southeast Asia. The unit, known as Horizon Plus, has plans to produce 50,000 cars in 2024, ramping up to 150,000 cars by 2030.

Write to Ben Otto at [email protected]

GameStop slumps after firing its CEO and naming activist investor Ryan Cohen as executive chairman, Carvana soars after an improved outlook, and HashiCorp tumbles after saying it would be cutting its workforce.

Dow Jones Newswires is a market-moving financial and business news source, used by wealth managers, institutional investors and fintech platforms around the world to identify trading and investing opportunities, strengthen advisor-client relationships and build investor experiences. Learn More.