BANGKOK — The COVID-19 pandemic is accelerating the remaking of Thailand's automotive industry, the backbone of Southeast Asia's auto sector, as factory shutdowns compound a shift toward electric vehicles. Thailand's auto-related businesses, which employ 900,000, are reopening after months of coronavirus shutdowns, promising relief for many laid-off workers. But there's a catch: Thailand's shift toward electric vehicles (EVs) could pummel the local auto industry because it is dominated by hundreds of parts makers, while EVs require just 10% to 20% as many of parts as internal-combustion vehicles. With an estimated one-third of a million jobs at risk, Thai auto-parts makers are scrambling into industries like medical equipment, a trend likely to keep reshaping Southeast Asia's second-largest economy after the pandemic passes.

Source: International New York Times July 17, 2020 00:00 UTC