# Thailand Strengthens EV Support Program to Promote Battery Innovation

- Link: https://www.thailand-business-news.com/business/136391-thailand-strengthens-ev-support-program-to-promote-battery-innovation
- Published: 2024-04-17T16:57:54+07:00
- Author: ASEAN Briefing

Thailand’s National Electric Vehicle Policy Committee has approved new measures 
to promote the adoption of electric buses, trucks, and the establishment of battery
bases.

 * Thailand’s EV Board approved measures to support the uptake of electric buses
   and trucks, aiming to make the country a regional EV hub and achieve carbon neutrality
   goals.
 * Companies can now deduct expenses for e-bus and e-truck purchases from their 
   corporate income tax, incentivizing the transition from fossil fuel vehicles 
   to EVs.
 * The EV Board also approved measures to promote investment in battery cell production
   and energy storage systems, attracting leading battery manufacturers to invest
   in Thailand.

These measures aim to make Thailand a regional electric vehicle hub and help the
country achieve its carbon neutrality goals. The incentives include subsidies for
the production of electric vehicles and tax deductions for companies purchasing 
electric buses and trucks.

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Additionally, the government has approved measures to attract investment in battery
cell production and energy storage systems, with support provided through the Competitiveness
Enhancement Fund. The goal is to attract leading battery manufacturers to invest
in Thailand. These initiatives are expected to accelerate the transition from fossil
fuel vehicles to electric ones, and have already contributed to significant growth
in Thailand’s EV market.

The EV Board has approved measures to promote investment in battery cell production
and energy storage systems by providing financial support through the country’s 
Competitiveness Enhancement Fund. The support scheme may also offer additional benefits
to eligible companies under Thailand’s Competitiveness Enhancement Act. These measures
aim to attract more leading battery manufacturers with advanced technology to invest
in Thailand.

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Under these measures, investors can apply for benefits and financial support from
the BOI’s Competitive Enhancement Fund. The initial criteria for investors to apply
are as follows:

 1. The investor must be a leading battery manufacturer used by EV manufacturers;
 2. The investor must have a plan to produce battery cells for EVs and ESS;
 3. The battery cells must have an energy density of at least 150 Wh/kg; and
 4. The battery must have a minimum life cycle of 1,000 cycles.

Project investment proposals must be submitted by the end of 2027.

The EV Board’s approval of measures to promote investment in battery cell production
and energy storage systems is aimed at attracting leading battery manufacturers 
to invest in Thailand. This initiative is part of the country’s efforts to position
itself as a hub for electric vehicle (EV) production and related technologies.

By encouraging investment in battery cell production and energy storage systems,
Thailand aims to strengthen its position in the global EV market and contribute 
to the development of sustainable transportation solutions. This move also reflects
the growing importance of energy storage systems in supporting the widespread adoption
of EVs and renewable energy sources. Overall, the approval of these measures signals
Thailand’s commitment to fostering a conducive environment for investment in the
EV and energy storage sectors.