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Chinese automaker Changan Automobile has applied to build an EV production plant in Thailand with a total investment of 8.8 billion baht (US$250 million, 1.81 billion yuan), the Thailand Board of Investment (BOI) said on Tuesday.

The plant"s initial annual production capacity will reach 100,000 vehicles, satisfying the rapidly growing demand for electric vehicles in Thailand, ASEAN, and other export markets.

Nathapong Triratanasiri, Secretary-General of the BOI, said Changan announced the investment plan at the Shanghai Auto Show in April this year and was recently approved by the Chinese authorities.

Nathapong revealed that Changan plans to launch EV models in the Thai market by the end of this year and start local production ahead of schedule.

Changan also plans to establish a research and development center for key components in Thailand.