Ford Motor Co said on Wednesday it would invest $900 million to modernise its factories in Thailand that support production of its Ranger pickup and Everest SUV, in what will be the company's largest single 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 hub, featuring some of the world’s largest carmakers such as Toyota and Honda.
The industry accounts for about 10% of Thailand's GDP and manufacturing jobs. The expansion would add about 1,250 new jobs at Ford's plants and about $400 million of the investment would go towards its supply chain network, the automaker said.
In 2020, General Motors sold its Thai factories to China's Great Wall Motor, which began producing SUVs and electric vehicles (EVs) in the country. As Thailand's auto production looks towards more electrification, state-owned energy firm PTT Plc this year said it would invest $1 billion to $2 billion on an EV plant with Taiwan's Foxconn