Thailand is investing $970 million to establish itself as a major production hub for electric vehicles (EVs). As part of this initiative, foreign EV manufacturers will receive incentives such as reduced import duties and a lower excise tax rate. In return, these companies will be required to manufacture EVs locally in Thailand by 2027.
- Thailand plans to invest $970 million to become a major production hub for electric vehicles (EVs) and aims to make 30% of its car output electric by 2030.
- Foreign EV makers will receive incentives such as reduced import duties and excise tax rates in return for manufacturing EVs locally in Thailand by 2027.
- The new EV package aims to attract new EV makers to set up manufacturing bases in Thailand and achieve carbon neutrality by 2050.
The government aims to make 30% of its car output electric by 2030 and attract new EV manufacturers to the country. The new program is expected to benefit 830,000 EVs in the next four years.
This comprehensive investment aims to accelerate Thailand’s transition towards a greener and more environmentally friendly transportation sector. The funds will be strategically utilized to enhance the country’s EV infrastructure, provide incentives for EV adoption, and support local EV manufacturing capabilities.
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About the author
Boris Sullivan is a business news editor based in Hong Kong. He has over 15 years of experience in covering the latest trends and developments in the Asian markets, as well as the global economy.