BANGKOK ― Thailand’s Board of Investment (BoI) said on Wednesday it had approved a $400-million investment by tire maker Continental to expand its existing facility in the country, which is the world’s second-largest tire producer after China.
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BANGKOK ― Thailand’s Board of Investment (BoI) said on Wednesday it had approved a $400-million investment by tire maker Continental to expand its existing facility in the country, which is the world’s second-largest tire producer after China.
Continental has been manufacturing in Thailand for the last five years, using locally produced rubber and other raw materials, producing tires for motorcycles, light trucks and passenger cars, including electric vehicles (EVs), the BoI said in a statement.
Thailand is a regional automaking center 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 tires per year, and add 600 jobs and take its total number of staff in Thailand to 1,500, the BoI said.