Foxconn Technology Group struck a multibillion-dollar electric-vehicle partnership in Thailand, its latest move to expand in the fast-growing industry at a time more tech companies including Apple Inc. are looking to bulk up their automotive muscle.
The Taiwanese electronics giant and Thailand’s state-owned conglomerate PTT Pcl will collaborate on hardware and software for producing EVs, according to a statement from the companies Monday. About $1 billion will be invested in the venture initially, rising to a possible $2 billion at a later stage, PTT said.
Thailand’s government is prioritizing the EV industry and wants to maintain the country’s leadership in automotive manufacturing and exports, Prime Minister Prayuth Chan-Ocha said at an event to mark the occasion. Such a focus will also help Thailand reduce its greenhouse gas emissions, he said.