The package for 2022-2025 is in line with the zero-emissions vehicle policy and aims to ensure that 30 percent of Thailand’s total auto production is EV by 2030.
Thailand’s cabinet on Tuesday approved a package of incentives, including tax cuts and subsidies, to spur the transition to electric vehicles (EVs) in Southeast Asia’s major auto production base, a government spokesman said.
The package for 2022-2025 is in line with the zero-emissions vehicle policy and aims to ensure that 30 percent of Thailand’s total auto production is EV by 2030, Thanakorn Wangboonkongchana told a news conference.
In the first two years, the focus will be on encouraging widespread domestic use of EVs by providing tax breaks and subsidies for imported models and locally made models, he said.
Thanakorn said that in the final years of the package, support will be given primarily on promoting domestically produced EVs, while some benefits will be canceled for imported models.
“This is to encourage operators to ramp up production of electric vehicles in the country to meet the growing demand,” he said.
Thailand produced 1.7 million regular vehicles last year for companies such as Toyota, Honda and Mitsubishi.
Thanakorn did not give further details about the incentives, which he said would need to be worked out with the Ministry of Power.
According to earlier media reports, the package will help bring down the price of each EV to between 70,000 baht ($2,165) and 150,000 baht ($4,638).
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