German car company BWM is reportedly planning to build a new hybrid car battery factory in Thailand, according to the country’s industry minister.
Construction is said to be likely to commence mid-2017 with an investment of 2 billion Thai Bat ($57 million), said Industry Minister Atchaka Sibunruang, adding that the new factory would make hybrid cars more affordable for Thais.
“Hybrid vehicles are still expensive now but once there is a factory established and batteries are available this will make it affordable for consumers”, Atchaka stated.
Reuters reports that a spokesman for BMW in Thailand said the company was not immediately able to comment on the investment, but a statement would be issued on Monday.
Atchaka said the Thai government was working with BMW to offer tax incentives in order to make the country a centre for plug-in hybrid vehicles.
Thailand is a regional production and export hub for the world’s top carmakers, and the sector accounts for around 10 percent of the country’s gross domestic product.
SOURCE: Reuters via Yahoo News.