As Japanese, Chinese and South Korean electric vehicle (EV) makers rush to start up production bases in Southeast Asia, Thailand and Indonesia are becoming two major destinations for investments in EV parts and materials.
Japanese plastics maker Kuraray has just opened its first plant in Thailand, one of a growing EV-related investment in the kingdom, in a joint venture with local petrochemical giant PTT Global Chemical and Japanese trading company Sumitomo. Corp.
The plant produces Kuraray’s Genestar high-performance resin, which has higher heat resistance than standard resins and is used for high-voltage parts around vehicle batteries. In addition, Genestar’s annual production is expected to double to 26,000 tons.
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According to Kuraray Chairman Hitoshi Kawahara, the company will explore the possibility of making other investments in Thailand around 2026 of roughly the same scale as the new plant, which received an investment of $520 million.
Japanese plastics maker Kuraray has just opened its first plant in Thailand, one of a growing number of EV-related investments in the kingdom.
Thailand is the largest car producer in the region, but it is still relatively new to the electric vehicle sector. In 2022, South Korea’s Hyundai Motor will start electric vehicle production in Thailand, while Chinese giant BYD plans to start assembling vehicles in the country in 2024.
