Four automobile manufacturers are seeking investment privileges for ventures worth a combined 40 billion baht to develop new eco-cars, according to Industry Minister Kosit Panpiemras.
He said that Volkswagen, Mitsubishi, Toyota and Tata Motors had each submitted applications to the Board of Investment to build new production plants to produce sub-compact eco-cars.
The new applications follow the decision by the BoI yesterday to approve eco-car projects for Suzuki and Nissan.
Mr Kosit said the BoI would accelerate its reviews of the latest applications. It expects to approve the projects by the end of the month.
The eco-car project is envisioned as the Thai auto industry's second product champion after one-ton pickup trucks.
Producers must commit to making at least 100,000 units per year within five years. The cars, with engines limited to 1.3 litres for petrol engines and 1.4 litres for diesel, must also meet fuel economy standards of five litres per 100 kilometres, as well as Euro 4 emission standards. Excise taxes for eco-cars have been set at 17%, compared with 30% to 50% for standard passenger cars.
Suzuki Motor Corp said yesterday in Japan that it would spend $282 million to build its eco-car plant, which expected to go online in 2010.
Mr Kosit said the overall value of BoI applications this year would reach nearly 700 billion baht, well exceeding previous targets of 500 billion and beating the all-time high of 673.1 billion baht recorded in 2005.
From January to the first week of December, total applications reached 650 billion baht, with more applications expected this month from investors in the auto parts, petrochemicals and alternative energy industries.
Meanwhile, Mr Kosit said the National Economic and Social Development Board would study for the Southern Seaboard project, which will include an iron smelter, petrochemical and power plants.
Representatives from Japan's JFE Steel and Nippon Steel will work with the NESDB on the technical details once the two companies send a formal letter of intent confirming interest in iron smelter projects in Thailand.
The study will include environmental management, smelter technology, local community acceptance and corporate social responsibility measures. The move is to prepare for public investment in supporting facilities.
The BoI is also courting other iron smelter investors, who are being asked to send letters of intent to the NESDB through the BoI by Jan 31.
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Topic: Four more seek eco-car privileges (Read 1029 times)