China's Geely Eyes Thailand's EV Market, Evaluates Possibilities Of Building A Plant

Geely Automobile Holdings Ltd GELYF GELYY is eyeing an entry into Thailand's electric vehicle (EV) market, including models for import and local manufacturing.
The Chinese automaker weighs whether to market an entry-level electric car in Thailand and an electric pickup truck from its new Radar brand, Reuters cites knowledgeable sources.
Thailand's Board of Investment held discussions with five major Chinese EV makers, including Geely, during a roadshow to China in April, its Secretary-General Narit Therdsteerasukdi said.
The others were BYD Co Ltd BYDDF BYDDY, Chongqing Changan Automobile Co Ltd, JAC Motors, and Jiangling Motors Corp Ltd.
The EV makers expressed keen interest in Thailand's policy to develop a regional EV production base and an integrated EV supply chain, Narit said.
Thailand aims to convert around 30% of its annual production of 2.5 million vehicles into EVs by 2030 and is searching for new investments to protect and diversify its manufacturing base.
BYD and China's Great Wall Motor Company, Ltd GWLLF GWLLY are amid building local EV production in Thailand.
Discussions with Geely have faced an additional complication as it has given working-level autonomy to its brand-level operating groups like Geometry and Radar Auto.
Geely's review included the possibility of building a plant in the country.
Thailand offers some subsidies for EVs, provided automakers migrate the production of cars and parts to the country over several years.
Price Action: GELYY shares closed lower by 2.27% at $23.22 on Tuesday.
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