Japan's FOMM Corporation is looking forward to forming a joint venture with Thai companies to make compact electric vehicles in Thailand.
Chief executive Hideo Tsurumaki said the company is seeking Thai partners that share the same business direction to create more electric vehicle drivers in the country and beef up export volume in the long run.
"Thailand shares similar characteristics with Japan, which demands more efficiency in the automotive industry," he said.
Founded in 2013 and based in Kawasaki, Japan, FOMM Corporation develops and manufactures four-seater electric vehicles. The company also designs and develops micro electric vehicles, provides technical consultancy services for micro electric vehicles and designs and develops electric vehicle components, as well as offering engineering consultancy services.
The company successfully developed its first and second prototypes in 2014 under a US$6-million development budget.
FOMM set up a company in Thailand, FOMM Asia, in February to take care of research and development, manufacturing, and marketing and sales. It is looking for local partners for a manufacturing joint venture.
The local arm was established after the company teamed up with Sirindhorn International Institute of Technology's Centre for Research and Development Collaboration last year to conduct a feasibility study on the development of compact electric vehicles powered by batteries, or battery electric vehicles, in Thailand.
Mr Tsurumaki said he expects the Thai prototype, the company's third prototype, to be finalised some time this year.
The Thai model will meet European standards for compact electric vehicles. It has four seats and is capable of a maximum 90 kilometres per hour and 30,000km or five-year durability.
It can drive 100-150km per single charge.
Mr Tsurumaki said once the prototype in Thailand has been finished, mass production is likely in September next year. FOMM cars can be registered with the Department of Land Transport the same way as other vehicles.
"Our cars are affordable at only 300,000 baht a unit, while four batteries will be rented for around 1,000-2,000 baht per month," he said, adding that FOMM will develop a cloud system to deal with reports of battery condition and car maintenance.
Mr Tsurumaki has set a Thai sales target of 4,000-5,000 units by next year, 16,000 in 2018, 30,000 in 2019 and 40,000 in 2020. It will also export to Asean and Europe.