National oil and gas conglomerate PTT Plc is angling towards becoming a new electric vehicle (EV) manufacturer in Thailand as construction of its assembly plant in Chon Buri is scheduled to finish next year.
EVs are among the new S-curve businesses being promoted by PTT and its subsidiaries to create new revenue sources, said Buranin Rattanasombat, senior executive vice-president.
These businesses have the potential to grow rapidly, he said.
The EV factory, which is located in Rojana Nong Yai industrial complex in Chon Buri, is designed to have production capacity of 50,000 electric cars a year.
The number will rise to 150,000 units annually by 2030, according to PTT.
PTT expects its earnings before interest, tax, depreciation and amortisation (Ebitda) from S-curve businesses to make up 30% of Ebitda by 2030, up from less than 10% last year, said Mr Buranin.
PTT plans to allocate 300 billion baht to support EVs and other non-oil businesses, he said.
Mr Buranin was speaking during an event entitled "PTT Group Tech and Innovation Day" at PTT headquarters in Bangkok on Wednesday.
The event, presided over by Energy Minister Supattanapong Punmeechaow, updated visitors on new technology and cooperation on new businesses.
PTT plans to initially help other EV makers investing in Thailand to assemble electric cars, rather than spend a large sum to set up a full-fledged facility to make EVs under a new brand, Auttapol Rerkpiboon, president and chief executive of PTT, said earlier.
PTT's wholly-owned Arun Plus Co co-established Horizon Plus to oversee the EV assembly business.
Arun Plus made a 51% investment in Horizon Plus, with a 49% investment by Taiwan-based Hon Hai Precision Industry Co, a multinational electronics manufacturer.
Hon Hai Precision Industry, known globally as Foxconn, is keen to develop an EV business and chose Southeast Asia as its target market.
Mr Buranin said other new S-curve businesses are also gaining momentum.
Innobic (Asia), the biotechnology arm of PTT, teamed up with experts from medical schools and pharmaceutical officials to commercialise cancer medicine and anti-ageing cosmetics.
According to Mr Buranin, also chairman of the board of Innobic (Asia), the company decided to spend 1 billion baht to support the construction of a plant-based protein production facility in Ayutthaya.
Innobic and Nove Foods Co, a subsidiary of SET-listed NR Instant Produce, a producer of vegetarian and plant-based food, formed a joint venture named NRPT to make plant-based protein, which is viewed as a future food for consumers.
