iPhone maker Foxconn has signed a memorandum of understanding (MoU) with Thailand’s state-run energy group PTT Pcl to make electric vehicles (EVs) and EV components in the country.
The partnership will see the pair collaborate on hardware and software for producing EVs. $1 billion will be invested initially, possibly rising to as much as $2 billion later on.
The deal was finalized on June 1 in a virtual signing ceremony held with Thailand Prime Minister Prayuth Chan-o-cha.
“This cooperation with PTT and the Thai government to realize the vision of sustainable development of the EV industry, demonstrates that the MIH ecosystem is growing,” Foxconn chairman Liu Young-way said.
As part of the deal an ‘open platform’ will be developed which will be provided to other automakers in Thailand and Southeast Asia.