By Clarence Leong 
 

Foxconn Technology Group and Thailand's state-owned oil company PTT PCL will set up an open platform for electric-vehicles production in the country, with an aim of accelerating the industry's growth.

The companies have signed a memorandum of understanding to enter into a partnership, they said in a joint statement on Monday. The platform will comprise of hardware and software services, and it will be open to all auto makers in Thailand who are looking to ramp up their EV production and sales, they said.

"The intent is to help manufacturers not only access EV-specific services but also launch new models more quickly at a competitive cost," the statement said.

Foxconn, formally known as Hon Hai Precision Industry Co. and the world's largest contract electronics maker, has been expanding into the auto industry. Last month, it formed a collaboration with Jeep and Chrysler maker Stellantis NV to speed up the development of in-car software. Its chairman in March raised the possibility of manufacturing EVs in the U.S. and hinted at additional potential partnerships with American companies.

 

Write to Clarence Leong at clarence.leong@wsj.com

 

(END) Dow Jones Newswires

May 31, 2021 07:31 ET (11:31 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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