The Board of Investment (BOI) said on Wednesday it had approved a US$400 million investment by tyre-maker Continental to expand its existing facility in Thailand, which is the world's second largest tyre producer after China.
Continental has been manufacturing in Thailand for the last five years, using locally produced rubber and other raw materials, producing tyres for motorcycles, light trucks and passenger cars, including electric vehicles (EVs), the BOI said in a statement.
Thailand is a regional automaking centre for major companies and has recently been on a drive to court investment from big EV brands.
The new investment will boost Continental's output to 7.8 million tyres per year and add 600 jobs and take its total number of staff in Thailand to 1,500, the BOI said.
"This major expansion by Continental also reinforces Thailand's status as an automotive industry hub," claimed BOI secretary general Narit Therdsteerasukdi.
