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Thailand approves electric vehicle investment plans of Nissan, Honda

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Thailand approves electric vehicle investment plans of Nissan, Honda

Reuters Staff

 

BANGKOK (Reuters) - Thai authorities said on Wednesday they have approved investment plans worth 29.63 billion baht ($888.2 million), including projects by two Japanese automakers to produce hybrid electric vehicles and batteries.

 

Nissan Motor (Thailand), a unit of Nissan Motor Co (7201.T) will invest 10.96 billion baht in one venture while Honda Automobile (Thailand), a subsidiary of Honda Motor Co (7267.T) will spend 5.82 billion baht on its project, the Board of Investment (BOI) said in a statement.

 

The agency said it also approved a tax break for Thai AirAsia X (AIRX.KL)’s 9.25 billion baht plan to lease six Airbus A330 aircraft, and for Mars Petcare (Thailand)’s 3.5 billion baht investment in pet food.

 

The BOI said Thai and foreign firms submitted projects worth 284.6 billion baht in January-June, which it said was “close to” the amount in the first half of 2017, without giving the previous number. The board said the projects were mainly for Thailand’s Eastern Economic Corridor (EEC), a centerpiece of the junta’s policy to lift growth and targets high-tech investment.

 

The agency is sticking to its target of securing 720 billion baht in investment pledges this year, up 12 percent from last year, as large applications are expected in the second half, it said.

 

(Reporting by Aukkarapon Niyomyat; Writing by Orathai Sriring; Editing by Richard Borsuk)

 
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-- © Copyright Reuters 2018-07-25
16 hours ago, webfact said:

The agency is sticking to its target of securing 720 billion baht in investment pledges this year, up 12 percent from last year, as large applications are expected in the second half, it said.

Economic outlook is good than ... interest rates should rise before the end of the year .

"...the projects were mainly for Thailand’s Eastern Economic Corridor (EEC), a centerpiece of the junta’s policy to lift growth and targets high-tech investment."

 

Electric motor vehicles?  How about developing adequate service to enable home appliances to work on a regular basis before having thousands of motor vehicles stranded due to lack of power?

Any plans for investment in facilities in the recycling of power/battery units for electric cars as well.

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