Representatives from Thailand's Ministry of Industry, the Thailand Board of Investment, Ms. Somruedee Chaimongkol, CEO of the Banpu Group, Mr. Sinon Vongkusolkit, CEO of Banpu NEXT, Yang Hongxin, Chairman and CEO of SVOLT Energy, as well as representatives from Great Wall Motors and Hozon Auto attended the production commencement ceremony. The products currently produced by SVOLT Energy's Thailand factory are LCTP battery packs equipped with L600 lithium iron phosphate blade cells, with a capacity of 60KWh and a range of over 500km, mainly supplied to Great Wall's Ora, Haval, Tank, as well as Hozon's new energy vehicles in Thailand.

It is understood that the SVOLT Energy Thailand factory is a key joint venture project established by Honeycomb Energy and Banpu NEXT, a subsidiary of the energy giant Banpu. Both parties believe that this innovative business cooperation model established after the joint venture factory aims to further deepen the localized collaboration and layout in the areas of energy storage, battery cells, and recycling. This cooperation involves a broader scope compared to previous endeavors, extending from merely EV packs to ESS packs and battery cell production. The two cooperations with Banpu NEXT have both mentioned "battery recycling," indicating that SVOLT Energy may gradually establish a full industry chain ecology of "battery production—battery recycling" overseas. The factory, located in Sriracha, Chonburi province in Thailand, integrates several areas such as vehicle power batteries, batteries for 2-3 wheel vehicles, energy storage, and recycling, aiming to create a comprehensive and integrated new energy factory. This production launch not only represents another important step in Honeycomb Energy's global layout but also demonstrates its commitment to the new energy market and continuous push for technological innovation.

SVOLT Energy's Thailand factory is expected to provide over 20,000 PACK battery packs to local customers this year, meeting the mainstream battery demand for Class A vehicles in the Thai market. In terms of production line configuration, the Thailand factory's production lines are highly flexible, able to quickly and adeptly switch between different product types. Additionally, to better achieve localized battery production and supply in Thailand and serve local customers, SVOLT Energy's Thailand factory has introduced advanced battery manufacturing technology from China, using currently leading technologies, processes, and equipment in the power battery industry. It is integrated with AI smart manufacturing technologies, including digital monitoring, full quality tracing, and analysis, and is highly in line with Thailand's EV3.5 policy needs. At a previous groundbreaking ceremony, the Chief Inspector of Thailand's Ministry of Industry, Wisanu Tabtiang, stated that as the second-largest car sales market in the ASEAN region, Thailand's new energy vehicle industry is entering a critical development stage. The investment and factory establishment by SVOLT Energy will effectively stimulate employment in Thailand and promote the development of Thailand's new energy vehicle industry technology.

The Secretary-General of the Thailand Board of Investment, Narit Therdsteerasukdi, commented that SVOLT Energy's factory construction is an important step in Thailand's sustainable development strategy, laying a foundation for the healthy and sustainable development of Thailand's electric vehicle industry. The Thai government will continue to work on improving the investment environment and provide full support for the development of Chinese enterprises in Thailand. SMM believes that starting from tomorrow (March 1st, 2024), the permanent visa exemption between China and Thailand will be implemented, which not only promotes mutual tourism but also provides convenience for business cooperation. With policy support, the journey for Chinese enterprises in Thailand is expected to be more convenient and fast. In recent years, Chinese battery and vehicle enterprises have set their sights on Thailand, establishing factories and beginning production in an attempt to get a share of the market long dominated by Japanese brands. China has made remarkable achievements in the field of new energy and has managed to overtake others through shortcuts. However, to maintain a leading position in global competition and achieve sustainable development, it is necessary to strengthen international cooperation and expand overseas markets. The production launch of SVOLT Energy's Thailand factory is one of the successful practices of Chinese enterprises' "going global" strategy. It not only helps to enhance the influence and competitiveness of China's new energy industry in the international market but also injects new vitality and momentum into the collaborative development of the global new energy industry.