Car giant BMW is looking to form a valuable partnership with Thailand that could see a huge plug-in hybrid vehicle battery production plant coming their way very soon. Not only will BMW gain from this deal with the lower wages and manufacturing costs with setting up in Asia, but so will Thailand as a country with the added jobs that will be created and the money that will be injected into their economy.
The building is due to commence mid 2017 with an investment of around $57 million. Deals are also being made with the Thai government which involve tax incentives for BMW as they become a centre for plug-in hybrid vehicles. Although the finer details of the deal are yet to be revealed, BMW have stated they will announce further details soon. But, with Thailand already being BMW’s largest market in the whole of South-East Asia, it is very likely that will profit greatly from the deal.
Building the electric-car battery factory in Thailand is no real surprise. As well as the lower costs involved and tax incentives that BMW will benefit from, they also gain links to Thailand’s existing car exportation network which currently accounts for nearly ten percent of the country’s gross domestic product. With the rise of hybrid vehicles all over the world clearly upon us, BMW are sure to make the most out of this deal and as well as making hybrid options more affordable for residents of Thailand, we could see global costs of hybrid vehicles lowering also.
Source; Reuters
More News To Read
- The U.S. Government Will Invest $4.5 Billion to Build Electric-Car Charging Stations For Anxiety-Free Driving
- Go Green This Summer With These Energy Efficient Upgrades
- Ten jobs that A.I. and chatbots Will Take Over
- Is the Oil Industry About to Collapse Altogether After The Coal Industry?
- Could Robots Replace Medical Workers?
