FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo
December 8, 2021
BANGKOK (Reuters) -Ford Motor Co said on Wednesday it would invest $900 million to modernise its factories in Thailand that support production of its Ranger pickup and Everest SUV, in what will be the company’s largest single investment in the country.
The investment would be through its own manufacturing plant and AutoAlliance Thailand, its joint venture with Japan’s Mazda Corporation, Ford said in a statement.
Thailand is Asia’s fourth-largest auto assembly and export hub, featuring some of the world’s largest carmakers such as Toyota and Honda. The industry accounts for about 10% of Thailand’s GDP and manufacturing jobs.
The expansion would add about 1,250 new jobs at Ford’s plants and about $400 million of the investment would go towards its supply chain network, the automaker said.
In 2020, General Motors sold https://www.reuters.com/article/us-great-wall-gm-idUSKBN20B057 its Thai factories to China’s Great Wall Motor, which began producing https://www.reuters.com/article/great-wall-motor-thailand-idUSL4N2DW1BF SUVs and electric vehicles (EVs) in the country.
As Thailand’s auto production looks towards more electrification, https://www.reuters.com/article/us-thailand-autos-idUSKCN24I009 state-owned energy firm PTT Pcl this year said it would invest https://www.reuters.com/article/ptt-strategy-idUSL4N2PO2H8 $1 billion to $2 billion on an EV plant with Taiwan’s Foxconn < 2317.TW>.
(Reporting by Sayantani Ghosh in Singapore, Chayut Setboonsarng in Bangkok; Editing by Christopher Cushing and Stephen Coates)
