Ford Motor Co on Wednesday said it will invest $ 900 million to upgrade its factories in Thailand that support production of its Ranger pickup and Everest SUV, in what will be the company’s biggest 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 center, with some of the world’s largest automakers such as Toyota and Honda. Industry accounts for around 10% of Thailand’s GDP and manufacturing jobs.
The expansion would create about 1,250 new jobs at Ford’s factories and about $ 400 million of the investment would go to its supply chain network, the automaker said.
In 2020, General Motors sold its factories in Thailand to the Chinese company Great Wall Motor, which has started producing SUVs and electric vehicles (EVs) in the country.
As Thai auto production turns to more electrification, state-owned energy company PTT Pcl announced this year that it will invest $ 1 billion to $ 2 billion in an electric vehicle plant with Taiwan’s Foxconn.