PTT says it will test the market for three more years before deciding whether electric vehicles are right for Thailand.
PTT, the national oil and gas conglomerate, says it will test Thailand’s electrical vehicle (EV) market for a further three years to decide whether producing EVs is practical for the country.
President and chief executive Chansin Treenuchagron said PTT aims to study support policies from the government, acceptance among EV buyers, EV charging availability and price competitiveness.
“PTT is deciding whether to enter the local EV segment,” he said.
Mr Chansin forecasts adoption of EVs to take 15-20 years for Thailand, evolving from hybrid versions to full EVs.
“The largest EV markets are China and the US,” he said. “PTT projects that a full EV platform cannot replace heavyduty trucks’ dependence on diesel.”
PTT has been studying EV feasibility and cooperation since 2017. It built an EV charging station at its head office and imports EVs and electric buses for test driving.
In July, PTT signed an agreement with Etran Thailand, an electric bike developer, to design 10 electric motorcycles for PTT’s study.
PTT wants to ensure price competitiveness between conventional engines and electric bikes. PTT and Etran will study energy storage, power generation, charging infrastructure and efficiency of electric motorcycles.
In September, PTT announced a partnership with WM Motors, a Chinese EV startup, to study the feasibility of EV production in Thailand.
PTT plans to invest in an EV manufacturing plant in Thailand to develop battery and plastic product businesses under PTT Group.
WM Motors is an EV maker under the Weltmeister brand and has sold over 10,000 EVs in China.
Mr Chansin said all EV feasibility studies will be conducted along with the development of pilot production for the energy storage system.
Global Power Synergy (GPSC), a PTT power subsidiary, is handling the pilot project, using a semi-solid technology aimed at increasing competitiveness in lithium-ion batteries and energy storage systems.
Pilot production is scheduled to begin in the next two years.
PTT has earmarked 50 million baht for the pilot project’s R&D.
PTT and GPSC expect to lower the battery cost for the energy storage system to US$160-170 per kilowatt-hour.
Mr Chansin said PTT has strategies to focus on investment and development in electrification and seeks further collaborations on this future trend.