BANGKOK, March 15 (Xinhua) -- Thailand's business tycoon Thanathorn Juangroongruangkit and famed law lecturer Piyabutr Saengkanokkul launched on Thursday a brand-new party to contest a nationwide election.

Thanathorn, executive vice president of Thai Summit Group, a major manufacturer of automobile and motorcycle parts, and Piyabutr, a Thammasat University law lecturer, gave a press conference before they went to the Election Commission headquarters for creation of the Future Forward Party.

Founded by 26 local activists, academic and social campaigners, the party said in a statement that it is to build "new politics" to lead Thailand out of a decade of political crisis.

The young business tycoon told the press conference that his party will never endorse the naming of any non-elected person as post-election prime minister.

Thanathorn, a nephew of former transport minister Suriya Juangroongruangkit, said his party consists of members of the young generation from varied walks of life whose viewpoints will be taken as part of his party's policy during an electoral campaign.

Thanathorn along with his members of the party went to the Election Commission after the press conference to register for the party.

"We are the 58th," Thanathorn said to his members, as other 57 groups of persons had earlier applied to set up political parties since the beginning of this month.

Meanwhile, former Democrat Party secretary general Suthep Thuagsuban, who had orchestrated mass protests in Bangkok streets which culminated in the 2014 coup to depose former premier Yingluck Shinwatra, is largely expected to apply to set up a party later this month.

Prime Minister Prayut Chan-o-cha, who concurrently heads the National Council for Peace and Order, earlier commented that the general election would be held February next year.