No products in the basket.
Thailand plans to invest 34 billion baht (US$970 million) to position itself as a production hub for electric vehicles
Overall, Thailand's renewed investment in its EV hub push demonstrates the country's commitment to sustainable development, economic growth, and environmental stewardship. By embracing EVs and transforming its transportation sector, Thailand positions itself as a key player in the global EV landscape.
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.
Key Takeaways
- 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.
Support authors and subscribe to content
Subscribe to read the entire article.
Login if you have purchased
Discover more from Thailand Business News
Subscribe to get the latest posts sent to your email.
