DUBAI, UAE, July 11, 2023 /PRNewswire/ -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world ("NWTN"), today announced that NWTN Technologies Industries – Sole Proprietorship LLC., NWTN's wholly-owned subsidiary, signed a non-binding memorandum of understanding ("MOU") with the Abu Dhabi Department of Economic Development ("DED") to enhance cooperation and contribute to the development of the automotive industry in the Emirate of Abu Dhabi. NWTN and Abu Dhabi Department of Economic Development Sign MOU Under the terms of the MOU, NWTN has agreed to establish and construct an integrated production line, as well as to expand its factory in the Emirate of Abu Dhabi in adherence to the highest international standards. The MOU also entails mutual cooperation between the parties to expedite the advancement of the modern automobile industry and transportation in Abu Dhabi, in alignment with the goals set forth in the Industrial Vision 2031. Furthermore, the MOU aims to foster an innovative community that actively contributes to automotive technology trends, while strengthening collaboration in the green economy and environmental sectors. Within the framework of the MOU, the DED has committed to cooperation and coordination in order to devise a streamlined work system that simplifies, facilitates, and enhances the necessary procedures for NWTN to obtain industrial licenses. The DED will ensure that these procedures adhere to the required technical, organizational, and procedural standards. The DED has agreed to promote and support the integration of Emirati nationals into the workforce of NWTN and NWTN has agreed to provide necessary training and professional development opportunities to the Emirati candidates. Eng. Arafat Al Yafei, Executive Director of Industrial Development Bureau of the DED, said: "This MOU with NWTN is part of our efforts to enhance Abu Dhabi's competitiveness, equip talent with necessary skills, and develop automotive and transportation industry in line with the objectives of the Abu Dhabi industrial strategy. As talent development is a top priority for us, we are pleased to collaborate with NWTN to train and create new opportunities for Emirati talent and to drive innovation in the industrial sector. We believe this step will help in attracting new quality investments to benefit from growth opportunities in Abu Dhabi's manufacturing sector." Paul Lin, President of Automotive at NWTN commented, "We are excited about the prospects of expanding our operations in Abu Dhabi and contributing to the growth of the auto industry. This partnership aligns with our commitment to both local talent development and technological advancement." The MOU is valid for an initial period of two years, with the option to renew upon mutual agreement between the parties. ABOUT NWTN NWTN is a pioneering green energy company dedicated to providing passenger-focused, premium electric vehicle products and green energy solutions to customers worldwide. Headquartered in Dubai, United Arab Emirates (UAE), NWTN has a full vehicle assembly facility in Abu Dhabi and a supply chain manufacturing base in Jinhua, China. NWTN is committed to the future of mobility solutions that integrate pioneering design, personalized lifestyles, Internet of Everything (IoT), autonomous driving technology and the eco-system of green energy. In addition to the offering of new energy vehicles, NWTN is exploring opportunities in the entire clean energy value chain, including photovoltaics, green hydrogen power and energy storage in the UAE, the Middle East, North Africa, China, other Asian countries, and Europe. For further information, please visit: https://www.nwtnmotors.com. FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results (including, without limitation, with respect to the expected benefits from the collaboration with DED as provided under the MOU, the construction of production lines and factory expansion in Abu Dhabi, and anticipated results of integration of Emirati nationals into the workforce of NWTN) may differ significantly from those set forth or implied in the forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risk factors contained in NWTN's filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible NWTN to predict those events or how they may affect NWTN. If a change to the events and circumstances reflected in NWTN's forward-looking statements occurs, NWTN's business, financial condition and operating results may vary materially from those expressed in NWTN's forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and NWTN assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
SAN FRANCISCO, July 11, 2023 /PRNewswire/ -- Heybike Ltd, an industry leader in eBikes, is launching an assortment of affordable eBikes in select Best Buy store locations and on BestBuy.com. A limited selection including Tyson will be available in the stores, with additional models, including various styles and color options will be available on BestBuy.com. "We at HeyBike are absolutely thrilled to announce the launch of our innovative series of folding e-bikes in select Best Buy stores. This milestone signifies a momentous step forward for HeyBike as we continue to revolutionize urban mobility and expand our reach. By partnering with an industry leader like Best Buy, we're confident that our e-bikes will empower even more customers to experience the freedom, convenience, and sustainability of HeyBike's cutting-edge technology." [CEO of Heybike Jason Fang] The availability in select stores will allow riders to come see and check out the e-bikes firsthand, and get expert support from Best Buy's Blue Shirts while they shop. Geek Squad can also safely assemble and help riders fine-tune their bikes, at the convenience of their own home. Those services include adjusting brakes, seat height and handlebars. About Heybike® Heybike is an electric bike company with smart, high-quality products founded with the mission to provide the best riding experience for all bikers and create a greener planet along the way.Heybike provides a compact and robust mode of transportation, with the option for the rider to pedal themselves with an electric motor assist, or completely under battery power. Heybike is committed to bringing innovations to the marketplace and expanding product lines to meet the needs of its customers, fostering a lifestyle that brings people together and makes travel easy. For more information on Heybike's latest products and to stay up to date on news from the company, visit www.heybike.com and follow Heybike on facebook, @heybikeofficial on Twitter, heybike_official on Instagram and YouTube.
SINGAPORE, July 11, 2023 /PRNewswire/ -- In a significant development for the EV industry, Quantum Mobility, a 2-wheeler start-up has received its first fleet of electric motorcycles in the shores of Singapore. The arrival of these eco-friendly vehicles marks a significant step forward in Quantum Mobility's efforts to accelerate the adoption of electric motorcycles, promote sustainable transportation and reduce carbon emissions. Quantum Mobility accelerates the adoption of electric motorcycles, promotes sustainable transportation, and reduces carbon emissions while Quantum Volts is set to take the lead to deploy charge and swap infrastructure across the island. Singapore's Land Transport Authority, known for its stringent safety standards has approved the G2 Quantum electric motorcycles for Singapore roads. With the country's strong commitment to environmental sustainability, Singapore has been actively promoting the adoption of electric vehicles. The arrival of Quantum Mobility's electric motorcycles aligns with the government's initiatives to encourage cleaner transportation options and reduce reliance on fossil fuels. Co-founder and COO of Quantum Mobility, Anders Quek shared that the electric motorcycles feature state-of-the-art technology, combining sleek design with high reliability and safe riding capabilities. He added that these vehicles are equipped with 3000w electric motor, multi-mode riding options, reverse gear, and many other features that will offer the rider smooth acceleration and a comfortable riding experience. With a range of 90km and with a 2-hour charge time, the rider is able to charge up the motorcycle at various Type 2- AC charge stations across the island. With zero tailpipe emissions, the G2 Quantum offers an environmentally friendly alternative to 140,000 traditional gasoline-powered motorcycles in Singapore. To provide more charging options to the riders, Quantum Volts, a sister company of the incumbent is set to take the lead and deploy charge and swap infrastructure across the island. This will ensure fleet owners and consumers alike, have easy access to power their electric motorcycles continuously. In working with national power grid infrastructure owners, Quantum Volts's CEO, Lawrence Oei, reaffirms his focus on addressing the national electrification agenda, in delivering a multi-modal charge infrastructure that is jointly developed with Honda, Yamaha, and Piaggio, introducing universality to the proven concept of battery swap technologies. "The inclusion of Quantum Volts charge infrastructure to be empowered by the sun, has perhaps, been the boldest move of the company, and we are proud to be recognized as a Singapore brand that can play her part in fulfilling the Singapore Green Plan 2030 agenda." In February 2023, Quantum Mobility also signed a Memorandum Of Understanding (MOU) with ComfortDelgro Driving Centre (CDC) to advocate safe riding for electric motorcycles in Singapore. Moving forward, new owners of the G2 Quantum electric motorcycle will be able to attend the Electric Motorcycle Familiarization course conducted by CDC. In a statement by Mr. Edmund Lim, Co-Founder and CEO of Quantum Mobility, he expressed his enthusiasm about the company's entry into the Singaporean market. He said, "We are delighted to introduce our electric motorcycles that suit both the lifestyle seeker and the commercial rider here. Quantum Mobility is committed to providing sustainable mobility solutions that not only benefit the environment but also enhance the overall riding experience. We believe these motorcycles will be well-received by Singaporeans who value both style and sustainability." The company intends to launch its sales in August through road shows and through specific online channels. Quantum Mobility is an Electric Motorcycle Startup to accelerate the adoption of electric motorcycles in Singapore and eventually in the APAC region. It is located at Blk 79, Ayer Rajah Crescent JTC@Launchpad. Visit us on social media Facebook, Instagram
Automobili Pininfarina has created a spectacular new hyper GT inspired by its family legacy and design heritage: the Battista Edizione Nino Farina New design edition celebrates the illustrious racing career and fearless spirit of motorsport legend and the first ever F1 World Champion Nino Farina, nephew of design icon and company founder Battista 'Pinin' Farina The Battista Edizione Nino Farina will make its world premiere at Goodwood Festival of Speed (13-16 July), driven by racing legend and former Goodwood hillclimb Champion Nick Heidfeld Limited to just five unique examples, Battista Edizione Nino Farina is the second 'design edition' in the Battista portfolio, following the rare and revered Battista Anniversario Edizione Nino Farina features an unmistakable exterior design including Rosso Nino paint with contrasting Bianco Sestriere and Iconica Blu finishes, new Glorioso Gold wheels and exquisite details including an eye-catching '01' body side graphic Bespoke interior features include a driver's seat finished in Black Sustainable Leather, beside a contrasting passenger seat finished in Beige Leather, with both featuring Black Alcantara trim and exclusive 'Nino Farina' inscriptions Each of the five Edizione Nino Farina will feature a unique aluminium door plate celebrating one of five outstanding landmarks in Nino's impressive career. To find out more visit: design-editions.automobili-pininfarina.com See the beautiful and bespoke Battista Edizione Nino Farina on road and track here CAMBIANO, Italy and MUNICH, July 11, 2023 /PRNewswire/ -- Automobili Pininfarina is honouring a motorsport icon with an exclusive new limited-edition version of its award-winning electric hyper GT – the Battista Edizione Nino Farina. Battista Edizione Nino Farina 01 The design edition will make its dynamic debut at the Goodwood Festival of Speed, where it will be piloted up the famous hill by former F1 star and hillclimb record holder, Nick Heidfeld. In his role as an advisor to Automobili Pininfarina, 'Quick Nick' has played a key role in the Battista story so far. Following the success of the limited-edition Battista Anniversario, the latest model represents the fascinating story of F1 racing legend Nino Farina, the first ever F1 World Champion and nephew of design icon Battista 'Pinin' Farina. Fittingly, it will make its dynamic debut just a few hundred metres from the Goodwood Circuit, where Nino drove to victory in the 1951 Goodwood Trophy (a non-championship F1 race). With just five examples to be crafted for clients worldwide, bespoke features adorning the exterior and interior of the Battista Edizione Nino Farina pay tribute to the racing legend born in Torino. Each car in the series celebrates one of five milestones in Nino Farina's incredible racing career, ensuring each collector will own a one-of-a-kind Italian design masterpiece. Paolo Dellachà, Chief Executive Officer for Automobili Pininfarina, said: "The Battista Edizione Nino Farina represents the vision of our talented Design team, paying an evocative tribute to an undisputed legend of the Pininfarina family and its heritage. An untold story about the spirit and the courage of a man driven by a racing passion like no other. "Our clients demand rarity, exclusivity, and the quality of execution synonymous with unique and coachbuilt Pininfarina designs of the past. Battista Edizione Nino Farina combines all these elements, with the phenomenal performance of the most powerful car ever made in Italy, the Battista. In our imagination, Nino would have dreamt to drive with his uncle Battista, pushing the car to its limits. As he did every time he raced. "Driving this car will be an experience much like pulling on the suit of a superhero, an exceptional and emotional experience is assured. I look forward to personally presenting the Battista Edizione Nino Farina at Goodwood Festival of Speed this year." HONOURING A LEGEND Battista 'Pinin' Farina was the founder of the famous Carrozzeria Pininfarina. He is the namesake of Automobili Pininfarina's first ever vehicle – the Battista – honouring his dream to create a solely Pininfarina-branded vehicle one day on the road. As an uncle to Nino Farina, he was responsible for igniting the future World Champion's passion for motorsport. Battista took his 16-year-old nephew to participate in his first ever race, as a passenger. This established his appetite for competition and Nino went on to take part in numerous races and championships across Italy in the 1930s. In 1950, Nino Farina competed in the first Grand Prix races formally organised by the FIA – today's Formula One World Championship – leading a three-car team. In his first year of World Championship driving, Nino Farina won the British (the first to be held at Silverstone), Swiss and Italian races, taking the overall World Championship in the process. Nino Farina was a highly respected Formula One driver among his peers, noted for his fearless driving and passion for the sport – which contributed to his early F1 wins in his debut year. He led his teammates to a 1-2-3 finish at the very first race of 1950, at Silverstone, and completed the season by winning at the Italian Grand Prix in September. Subtle detailing distinguishes each Edizione Nino Farina with the bespoke aluminium passenger door plate, anodised in black with one of five unique designs, ensuring each client has a unique vehicle. Each model will celebrate a different milestone from Nino Farina's life: Nino's date and place of birth (1906 in Turin) First ever F1 pole position and race victory at the 1950 British Grand Prix Nino's second victory in 1950 at the Swiss Grand Prix The third and final victory in 1950, at the Italian Grand Prix 1950 F1 world championship victory CURATED EXTERIOR DESIGN BY AUTOMOBILI PININFARINA Battista's peerless design – perfectly balancing technological innovation with a nod to Pininfarina's elegant past – has been elevated with the Edizione Nino Farina and its heritage-inspired livery. Dave Amantea, Chief Design Officer, Automobili Pininfarina, said: "This exclusive model pays homage to Nino Farina's courageous and fearless persona, and his incredible achievements in motorsport. It is our tribute to a family dynasty – to the man who will forever be known as the first driver ever to be crowned a Formula One World Champion and to our founder, the man responsible for igniting his passion for racing. "Each vehicle is a tribute to Nino's unrivalled history and each one represents a unique moment in his life, which was truly remarkable. We have taken inspiration from these moments to create a vehicle that would be the centre piece of any collection. Its signature Rosso Nino body colour has been chosen to evoke memories of the Italian racing red paintwork of the cars in which he enjoyed his greatest victories, while key finishes and design cues sit seamlessly with Battista's unmistakable design." The unique exterior design is finished in bespoke Rosso Nino – a deep and rich red hue that pays homage to the vehicles Nino Farina drove throughout his racing career. The intricate body and Rosso Nino paint is complemented by a special livery on the lower body, finished in Bianco Sestriere and Iconica Blu. The Bianco Sestriere and Iconica Blu detailing extends to the bespoke pinstripe on the door mirrors and underside of the rear wing – with bespoke graphics including a laurel wreath – while the number '01' in Bianco Sestriere is featured in a large graphic on the rear panel behind the door. Providing added exterior distinction is the Furiosa Pack, comprising a revised carbon fibre front splitter, side blades and rear diffuser, finished with a Bianco Sestriere pinstripe, while the Carbon Accent Pack is finished in Black Exposed Signature Carbon. Dark detailing extends to the Goccia roof, while the Exterior Jewellery Pack is finished in brushed aluminium, anodised in black. This complements the black brake calipers and centre lock rings, which are finished in brushed aluminium anodised in black. New 10-spoke forged aluminium Glorioso alloy wheel designs feature a distinctive Satin Gold finish. Subtle exterior detailing referencing Nino Farina is visible across the vehicle. A bespoke 'Nino Farina' engraving on the headlight unit is finished in brushed aluminium anodised in black, while the driver's side carbon side wing is enhanced with a 'Nino Farina' graphic signature. BESPOKE INTERIOR CREATES UNIQUE DRIVER AND PASSENGER ENVIRONMENTS The Battista Edizione Nino Farina's interior features a bespoke two-tone theme, with a driver's seat upholstery trimmed in black sustainable luxury leather and passenger seat in contrasting beige and black Alcantara. The Pilota seats feature a unique design between the driver and passenger, both with a bespoke quilting pattern and 'Nino Farina' on the backrest. On the black driver's seat, the bespoke headrest features an embroidered laurel wreath and '01' graphic in gold, while the Pininfarina logo is finished in red on the beige passenger seat. The backs of both seats are painted in Rosso Nino, matching the exterior bodywork. Following the exterior theme, the upholstery is accentuated with Iconica Blu seatbelts, with a bespoke duotone contrast stitch in beige and red on the centre tunnel, dashboard and seats. The steering wheel is finished in black Alcantara with Exposed Carbon, with a contrasting 12 o'clock ring in brushed aluminium anodised in red. The attention to detail extends to the steering wheel plate, which is finished in brushed aluminium, anodised black, bearing the 'Nino Farina' signature. Like the exterior, dark detailing extends to the interior with the Interior Jewellery Pack in brushed aluminium, anodised in black. Beautiful detailing specific to the Edizione Nino Farina is found throughout the interior. The chassis plate is black anodised with bespoke 'Nino Farina' dedication, while the passenger door plate is unique to each vehicle. BATTISTA PERFORMANCE Like the Battista and Battista Anniversario, the Edizione Nino Farina is powered by a state-of-the-art powertrain that delivers record-breaking performance. The world's first pure-electric hyper GT utilises a high-capacity 120 kWh lithium-ion battery contained within a strong but lightweight carbon fibre housing. Four independent high-performance electric motors – one driving each wheel – combine with Full Torque Vectoring, Electronic Stability Control and a software differential that allows drivers to tailor the power delivery and handling responses like never before, while its T-shaped liquid-cooled battery pack is mounted centrally behind the seats to ensure a low centre of gravity. The Battista's unique launch control technology contributes to Formula One car-beating acceleration, with 0-60mph achieved in 1.79s, 0-100km/h completed in 1.86s, 0-120mph executed in 4.49s and 0-200 km/h covered in just 4.75 seconds. A car as fast as Battista demands strong stopping power and official tests confirm Battista is the fastest braking EV in the world, completing 100-0 km/h in just 31m. Battista performance data highlights: 1,900 hp (1,400 kW) 2,340 Nm of torque 0-100 km/h (0-62 mph) in 1.86 seconds and 350 km/h (217 mph) top speed Up to 476 km driving range (296 miles, WLTP combined), US EPA: 300 miles The Battista combines hypercar performance with the cruising range and luxurious cabin of a traditional GT, with all-wheel drive and a choice of five driving modes to tailor the driving dynamics: Calma, Pura, Energica, Furiosa and Carattere. For more information, visit automobili-pininfarina.com/media-zone EDITOR'S NOTES THE AUTOMOBILI PININFARINA BATTISTA The Battista will be the most powerful car ever designed and built in Italy and it will deliver a level of performance that is unachievable today in any road-legal sports car featuring internal combustion engine technology. Faster than a current Formula 1 race car in its 0 -100 km/h sub-two second sprint, and with 1,900 hp and 2,340 Nm torque on tap, the Battista will combine extreme engineering and technology in a zero emissions package. The Battista's 120 kWh battery provides power to four electric motors – one at each wheel – with a combined WLTP range of up to 476 km (U.S. combined EPA: 300 miles) on a single charge. No more than 150 examples of Battista will be individually hand-crafted at the Battista Atelier in Cambiano, Italy. ABOUT AUTOMOBILI PININFARINA Automobili Pininfarina is based in operational headquarters in Munich, Germany, with a team of experienced automotive executives from luxury and premium car brands. Designed, engineered, and produced by hand in Italy, the Battista hyper GT and all future models will be sold in all major global markets under the brand name Pininfarina. The new company aims to be the most desired, sustainable luxury car brand in the world. The company is a 100 per cent Mahindra & Mahindra Ltd investment. Battista Edizione Nino Farina 02 Battista Edizione Nino Farina 03 Battista Edizione Nino Farina 04 Battista Edizione Nino Farina 05 Battista Edizione Nino Farina 06
DALIAN, China, July 10, 2023 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that its subsidiary, Nanjing CBAK New Energy Technology Co., Ltd. ("Nanjing CBAK"), has entered into a strategic agreement with Guangzhou Echom Science & Technology Co., Ltd. (Shenzhen Stock Exchange: 002420, "Echom"), a well-known industrial design group in China. According to the terms of the collaboration, Echom will purchase approximately RMB 180 million worth of CBAK Energy's cylindrical lithium-ion batteries over the next three years, primarily the 32140 and 26700 series. As part of the arrangement, Echom is obligated to prioritize CBAK Energy's batteries in its self-developed new energy storage products and ensure that over 50% of its relevant products utilize CBAK Energy's batteries. In exchange, Nanjing CBAK will guarantee a consistent and uninterrupted supply of the specified battery products for the duration of the agreement. Echom, a well-known industrial design group listed on the Shenzhen Stock Exchange, boasts five major R&D and manufacturing centers located across China. In 2020, Echom expanded its operations into the new energy industry, and it is currently in the process of gradually completing significant manufacturing centers for new energy products by 2023. Among its diverse range of offerings, Echom produces a variety of products, including portable power supply units. Yunfei Li, Chairman and Chief Executive Officer of CBAK Energy, said, "We are excited to form a partnership with Echom, demonstrating the market's recognition of our high power lithium-ion batteries and the value and quality we deliver. Looking ahead, leveraging our innovative technology and solid production capability, we remain dedicated to improving our batteries' performance while accelerating broader product adoption, providing our partners with more value-added products, and further fortifying our leading industry position." About CBAK Energy CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian. For more information, please visit ir.cbak.com.cn. Safe Harbor Statement This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. For further inquiries, please contact: In China: CBAK Energy Technology, Inc. Investor Relations DepartmentMr. Thierry Jiewei LiPhone: 86-18675423231Email: ir@cbak.com.cn Piacente Financial CommunicationsMs. Hui FanTel: +86-10-6508-0677Email: CBAK@thepiacentegroup.com In the United States: Piacente Financial CommunicationsMs. Brandi PiacenteTel: +1-212-481-2050Email: CBAK@thepiacentegroup.com
BANGKOK, July 10, 2023 /PRNewswire/ -- The Thailand Board of Investment (BOI) said today that applications for investment promotion in the first half of 2023 increased 70% on year in value to a combined 364.4 billion baht (US$ 10.3 billion), led by foreign direct investments (FDI) which soared 141% as global companies continue to favor Thailand as a manufacturing base in targeted industries including electronics, food processing and automotive, especially in the electric vehicles (EV) supply chain. Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI), announced that applications for investment promotion in the first half of 2023 increased 70% on year to a combined value of 364.4 billion baht (US$ 10.3 billion) as global companies continue to favor Thailand as a manufacturing base for electronics, food processing and the electric vehicles (EV) supply chain. In the January-June period, the number of project applications also increased to 891 projects, up 18% compared to the same period of 2022. Of that total, 464 projects were in the targeted industries, representing a combined value of 286.9 billion baht, or 79% of all applications. The number of FDI applications increased 33% to 507 projects during the first 6 months, while the total investment value of the FDI projects soared to 304 billion baht, an increase of 141% from the year earlier period. China was the largest source of FDI applications with total investment pledges of 61.5 billion baht for 132 projects, mostly in electronics parts manufacturing. Singapore came in second with 73 projects representing combined investments of 59.11 billion baht, while Japan ranked third with 98 projects worth 35.33 billion baht in investments. The value of the Japanese applications was more than double the 16.79 billion baht filed in the first half of 2022, mainly due to large electronic components and automotive parts projects. "The investment applications in the first half show a very positive trend and foreign investment in particular continued to increase at a very high rate, especially in electronics and EV, which are among our priority sectors," Mr. Narit Therdsteerasukdi, Secretary General of the BOI. "This reflects the confidence of foreign investors toward Thailand in regards to our fundamentals, well-developed infrastructures, and our strong supply chain." Thailand's strong fundamentals include improving forecast for economic growth and the recent announcement by the International Institute for Management Development (IMD) that Thailand's competitiveness ranking for 2023 has improved by three positions, to 30th, out of the 64 economies from around the world ranked by the IMD. The electrical appliances and electronics (E&E) industry received the highest amount of investment and led the sectors ranking with 106 projects, including large projects in printed circuit boards (PCB), IC and wafer testing, and smart electronics, representing an investment value at 160 billion baht, up 7 times from the same period last year. The sector's continuous rise reflects the ongoing relocation trend by electronic component makers seeking to reduce risk from the trade war and geopolitical tension, as well as investors' confidence in the potential of Thailand as a risk-free production base. The agro-industry and food processing sector came second with 139 projects worth a combined value of 51.3 billion baht. Investment applications filed in this sector during the first half included projects by well-known brands, such as Pringles Company, the United States-based manufacturer of potato chips, and Belgium's famous biscuit maker Lotus Biscoff. In the past 6 months, the automotive and parts industry saw 80 investment applications worth a total of 19.6 billion baht, with most projects involving the production of parts such as tires, axles, hybrid transmission system and electric charging stations for EV. Under the end-to-end EV promotion policy of the Thai Government and the comprehensive incentives offered by the BOI for this priority sector. The policy has successfully attracted investment from world leading manufacturers and positioned Thailand as the hub for EV manufacturing in ASEAN and helped to make Thailand the fastest growing market in the region. So far, 14 battery electric vehicle (BEV) manufacturers have been granted investment promotion benefits for projects worth a combined investment value of 33.9 billion baht, representing an annual production capacity of 276,640 units. The EV investments approved so far include projects by China's BYD Auto, Great Wall Motor, and SAIC, by Germany's Mercedes Benz, and by HorizonPlus, a joint venture between Thailand's PTT Group and Taiwan's Foxconn. Several other major manufacturers have already announced plans to invest in Thailand, such as Changan Automobile and GAC AION New Energy Automobile, and are expected to file investment applications in the second half of the year. Besides the targeted industries, another industry that saw a large number of applications in the first half is the power generation sector, with a total of 195 projects worth a combined investment value of 26.2 billion baht. Out of that total, 186 projects were renewable energy projects representing 8.33 billion baht worth of investment. In terms of the geographical distribution of the investment applications during the first six months, Thailand's Eastern Economic Corridor (EEC) area saw a total of 306 project applications representing 171.47 billion baht in investment value, or 47% of the total application value during the period. Most applications located in the EEC area were for projects in the E&E, petrochemicals and automotive sectors. The country's central region followed in second with 362 projects worth 75.19 billion baht in investment. LTR Visa Mr. Narit also provided an update about the Long-Term Resident Visa (LTR Visa) program, one of the additional services provided by the BOI to stimulate investment. The LTR Visa program was announced last year to help the economy by attracting high-potential investors and experts into Thailand. As of end-June, the BOI has received more than 4,200 LTR Visa applications, with most filed by citizens of Europe, the United States and China. Recently, the program's scope has been updated to accommodate professionals, and experts in technology and business fields that are important for the country's development, Mr. Narit said. Also, the BOI has appointed a total of four certified agents to facilitate foreigners ' applications for the LTR Visa and provide additional services, to help successful visa holders move to Thailand, Mr. Narit said. In addition, the BOI is in the process of upgrading the LTR Visa application and document certification system to allow for faster processing and accommodate the increasing demand for the visa after many countries fully re-opened borders in the post-Covid era. For more information, please contact:Thailand Board of InvestmentTel. +66 (0) 2553 8111Website: www.boi.go.thYouTube: Think Asia, Invest Thailand
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