PTT Public Company Limited (PTT) announced that the Board of Directors of Arun Plus Company Limited (Arun Plus) (PTT’s 100% owned subsidiary) at the meeting on 16 August 2021 passed the resolution to approve Arun Plus to sign the joint venture agreement and establish the joint venture company with Lin Yin International Investments Co., Ltd. (Lin Yin), the wholly owned affiliate of Hon Hai Precision Industry Company Limited (Foxconn), with the registered capital not in excess of Baht 3,220 million. Arun Plus and Lin Yin will hold 60% and 40% stakes respectively.
The objective of the company establishment is to operate the electric vehicle manufacturing business in Thailand using Foxconn’s state-of-the-art technology in manufacturing and developing of MIH (Mobility-In-Harmony) platform collectively with PTT Group’s expertise in business operation within Thailand.
This investment will help supporting Thailand to be the center of the electric vehicle production in the ASEAN region, transforming Thailand’s automotive industry into electric vehicles, reinforcing the country’s economic growth as well as strengthening international competitiveness.
Arun Plus has signed the joint venture agreement on 14 September 2021 and shall reach its final investment decision within the second half of 2022. The joint venture company is expected to complete its registration by the fourth quarter of 2021.