Thailand's EV production target ramped up for 2024
Thai authorities want next year's electric vehicle (EV) production capacity to reach 359,000 units based on investment of 39.5 billion baht, say industrial officials, according to The Bangkok Post.
Thailand's EV production target ramped up for 2024
New Age – New Road

Thailand's EV production target ramped up for 2024

Photo: AFP/Pattarapong Chatpattarasill 
Eurasia 18/12/2023 06:00

Thai authorities want next year's electric vehicle (EV) production capacity to reach 359,000 units based on investment of 39.5 billion baht, say industrial officials, according to The Bangkok Post.

The state EV policy and investment incentive packages should help increase production, said the Office of Industrial Economics (OIE), according to The Bangkok Post.

"After the EV3.0 scheme boosted demand for EVs in Thailand, the new EV3.5 scheme should further drive EV investment and manufacturing," said Warawan Chitaroon, director-general of the OIE. EV3.0 refers to a package of incentives including tax cuts and subsidies to promote EV consumption and production between 2022 and 2023, the newspaper added. 

The subsidies range from 70,000 baht to 150,000 baht depending on the type and model of vehicle, with lower excise tax and import duties on completely knocked-down and completely built-up units. Participating car companies are committed to starting to produce EVs in Thailand from 2024, The Bangkok Post added.
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