As Japanese, Chinese and South Korean electrical vehicle (EV) makers race to launch production bases in Southeast Asia, Thailand and Indonesia are becoming two prime destinations for investments in EV parts and materials.
Japanese plastics maker Kuraray recently opened its first plant in Thailand, one of a growing number of EV-related investments in the kingdom, in a joint venture with local petrochemical giant PTT Global Chemical and Japanese trading house Sumitomo Corp.
The plant produces Kuraray’s high-performance Genestar resin, which has a higher heat resistance than standard resins and is used for high-voltage parts around vehicle batteries. Moreover, it is expected to double the annual production of Genestar to 26,000 tonnes.
According to Kuraray President Hitoshi Kawahara, the company will consider further investments in Thailand by around 2026 of roughly the same scale as the new plant, which received US$520 million in investment.
Thailand is the region’s largest auto producer but is still relatively new to the EV game. In 2022, South Korea’s Hyundai Motor began EV production in Thailand, while Chinese EV juggernaut BYD has plans to start assembling vehicles in the country in 2024. (NNT)
