Thailand expects $5 billion in investments from Tesla, Google, and Microsoft

Thailand’s Prime Minister, Srettha Thavisin, has announced that the country expects to receive at least $5 billion in investment from Tesla, Google, and Microsoft.

Key Takeaways

• Southeast Asia is seeing a steady growth in EV sales, with Thailand leading the market, followed by Vietnam and Indonesia, while Chinese carmakers like BYD have a significant presence.
• Thailand’s efforts to attract EV and battery manufacturers through incentives and tax cuts demonstrate its commitment to becoming a prominent regional hub for the automobile industry.
• A factory in Thailand could potentially produce Tesla’s forthcoming small electric car for left-hand-drive markets, including Australia where popular vehicles like the Toyota HiLux and Ford Ranger are manufactured in Thailand.
• Indonesia, India, and Thailand are positioning themselves as attractive hubs for electric vehicle manufacturing, with each country vying for investment from large US companies like Tesla.

Thailand’s Prime Minister held talks with Elon Musk during a visit to New York, discussing the electric vehicle industry and expressing support for investments in the sector.

EVs are gaining popularity in Southeast Asia, with Thailand being the largest market, followed by Vietnam and Indonesia. Tesla launched models in Thailand last year, although the region accounts for less than 1% of the company’s global sales.

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Thailand has expressed interest in being a potential location for Tesla’s next manufacturing facility. The country’s Prime Minister mentioned Tesla as one of the US companies considering investing in Thailand.

Tesla’s upcoming small electric car could potentially be built in a factory in one of these right-hand-drive countries, such as Thailand, to cater to left-hand-drive markets like Australia. Australia’s top-selling vehicles, the Toyota HiLux and Ford Ranger, are currently manufactured in Thailand.