Chinese battery maker SVOLT breaks ground on plant in Thailand

Chinese battery manufacturer SVOLT recently held the groundbreaking ceremony for its first plant in Southeast Asia, aiming to take advantage of the region’s rapidly growing EV market.

Located in the Chonburi province of Thailand, the module factory will produce 60,000 module sets per year when completed in early 2024.

SVOLT’s entry into Southeast Asia aligns with the trend of Chinese EV companies such as GWM, SAIC and BYD to set up production facilities located in Thailand as the region’s EV market continues to gain impulse.

The influx of Chinese companies can be largely attributed to the supportive policies of the Thai government, which aims for 30% of all vehicles produced in the kingdom to be electric cars by 2030.

To foster competitiveness among Southeast Asian nations, Thailand has put in place policies that encourage investment across the entire electric vehicle industry chain.

The SVOLT factory plans to gradually upgrade its energy storage and recycling operations, while establishing a localized and efficient supply of cells through battery recycling.

Thailand promotes an initiative to strengthen the grassroots economy

Yang Hongxin, Chairman and CEO of SVOLT, highlighted Thailand’s critical role as a regional auto manufacturing and export hub, providing SVOLT with excellent opportunities for overseas business growth and expansion.

The SVOLT factory plans to gradually upgrade its energy storage and recycling operations, while establishing a localized and efficient supply of cells through battery recycling.

According to the Kasikorn Research Center, total battery electric vehicle sales in Thailand are expected to reach 50,000 units by 2023, representing a year-on-year increase of 271.6%, up from 13,454 units sold in 2022.

Wisanu Tabtieng, chief inspector general of the Ministry of Industry, highlighted Thailand’s interest in Chinese companies investing in the new generation auto industry and making Thailand their production base for ASEAN.