Chinese electric vehicle battery maker Gotion High-Tech said on Thursday that it will set up a new venture with Thailand’s largest energy company PTT with plans to develop, build, and sell lithium-ion battery products in the Southeast Asian region. The joint venture will initially have a registered capital of 300 million baht ($8.6 million). A Singapore-based subsidiary of Gotion, and a green energy unit of PTT, the state-owned Thai gas and oil company, will own 49% and 51% stakes, respectively. Thailand aims for 30% of car output to be EVs by 2030. Chinese automaker BYD is also building a $491 million facility in Thailand, scheduled for operation in 2024. [Gotion announcement, in Chinese]