The Thai government has drawn up a roadmap to promote the country as the center of electric vehicle (EV) manufacturing and key EV parts, and has set a target to produce 250,000 EVs annually by 2025. The Government estimates that by 2030, 30 percent of all autos manufactured in Thailand will be electric. That would mean 750,000 out of 2.5 million. It is expected to produce for local and international markets that year. Of that 750,000, half will be battery electric vehicles (BEVs).
Thailand’s Board of Investment (BOI) offers supporting incentives for manufacturers of electric vehicles; companies with a total investment capital of not less than 5,000 million baht will receive an eight-year cooperate income tax (CIT) exemption for BEVs, plus one- to three-year exemptions in case of R&D. The BOI has already approved 26 vehicle projects from 17 companies.
The popularity of BEVs in Thailand is tending to increase steadily. There were approximately 15,423 BEV registrations in the first 10 months of 2022. It is expected that in 2023, the number of BEV vehicles will increase by more than 50,000 units, which would be a great leap in growth.
The Government has supported the use of EV in order to tackle environmental problems and reduce pollution, which is in line with embracing an environmentally friendly growth model, known as the Bio-Circular-Green Economy, or BCG. (PRD)
