HORIZON PLUS strives forward with investment in a regional EV manufacturing facility targeting the first vehicle to be delivered by 2024

Monday 14 November 2022 11:48
Recently, HORIZON PLUS held the stone-laying and groundbreaking ceremony for the EV manufacturing facility at the Rojana Nhongyai Industrial Park, Chonburi Province with Professor Dr. Thosaporn Sirisumphand - Chairman of PTT and ARUN PLUS Board of Directors, Mr. Auttapol Rerkpiboon - President and CEO of PTT, honored to attend the ceremony. The event was honored by senior executives of FOXCONN, PTT Group, Board of Investment (BOI), representatives from the Eastern Economic Corridor (EEC) Policy Committee and representatives from the Taipei Economic and Cultural Bureau. Thailand also participated in this ceremony.
HORIZON PLUS strives forward with investment in a regional EV manufacturing facility targeting the first vehicle to be delivered by 2024

Professor Dr. Thosaporn, Chairman of PTT and ARUN PLUS Board of Directors revealed that "Today's stone-laying ceremony marks another important step of collaboration between FOXCONN and PTT on our journey towards electrification of the regional automotive industry. As the world moves toward low-carbon society, transition to the greener transportation alternatives such as EV will play significant role in shaping future energy sustainability. This aligns with PTT commitment to create national energy security for the country and broadens investment opportunities beyond production including both upstream and downstream for the automotive supply chain of Thailand."

Mr. Auttapol Rerkpiboon, President and CEO of PTT mentioned that "The collaboration not only focuses on the investment of the EV production, but also on the research and development in Thailand. This includes knowledge transfer and trainings for local workforce. HORIZON PLUS stone-laying and groundbreaking ceremony emphasizes PTT Group commitment under the new vision: Powering Life with Future Energy and Beyond. EV manufacturing facility will open business opportunities for our group to further strengthen the local EV supply chain and drive electrification of the ASEAN auto-industry. Furthermore, getting into EV business is another key strategy that will help PTT Group achieve its Net Zero GHG Emissions target by 2050 — ensuring a better environment with future energy."

Dr. Buranin Rattanasombat, Chief New Business and Infrastructure Officer of PTT and Chairman of HORIZON PLUS Board of Directors revealed that "HORIZON PLUS will operates based on the BOL philosophy which stands for Build-Operate-Localize to enhance the competitiveness of local automotive industry and supply chain in the long run. HORIZON PLUS will invest around 37,000 million THB (around 1 billion USD) for this EV facility with target to complete construction and ready for vehicle delivery by 2024. The initial capacity will be 50,000 EV per year and gradually ramp up to 150,000 EV per year by 2030 to support the growing demand of ASEAN EV market. HORIZON PLUS will create jobs which require high-skilled workers for more than 2,000 position domestically. Currently, our company is ready to serve any EV brands that demand an advanced production technology, cost and time saving, which shall benefit both the operators and end users in the long run according to the EV stimulation package of the Thai government (EV3.)"

Mr. Kay Chiu - HORIZON PLUS CEO shared that "HORIZON PLUS is a fully automated car manufacturer to help increase production capacity, cost reduction, and time-saving. Moreover, a greater portion of green and clean energy will be used in the production process in order to reduce production waste as we set for HORIZON PLUS to be the most modernized, with highest efficiency in the ASEAN region. With the expertise on smart electronics, Hon Hai Group as a long-experienced OEM, will make HORIZON PLUS a successful EV producer and will also make Thailand the Hub of EV manufacturing in ASEAN."

Horizon Plus Company Limited (HORIZON PLUS) is the joint venture between Arun Plus Company Limited (ARUN PLUS) - the EV flagship of PTT Public Company Limited (PTT), the Thai national energy conglomerate - and Hon Hai Precision Industry Co., Ltd (FOXCONN) - the global leader in the manufacturing of electronic products. HORIZON PLUS will operate the comprehensive Electric Vehicle (EV) manufacturing facility including production of EV key components. The facility will be located on the majestic land plot of over 500,000 square meters in the eastern part of Thailand.

This collaboration between FOXCONN and PTT aims to support the transition of the Thai automotive industry from traditional Internal Combustion Engine (ICE) to EV. Automotive is one of the crucial sectors of the Thai economy - contributing around 6% of the country GDP and employs over 750,000 workers. HORIZON PLUS ambitious move to EV manufacturing will not only create jobs and re-skill the workforce, but also sustain Thailand's position as the Detroit of Asia.

Source: PTT