Hyperdrive
Thailand Budgets $970 Million to Renew Electric Vehicle Hub Push
- Cabinet approves tax cuts, subsidies to boost local production
- More players expected to join EV race in the ‘Detroit of Asia’
Thailand has attracted a slew of Chinese EV makers such as BYD.
Photographer: Mariceu Erthal/BloombergThis article is for subscribers only.
Thailand will allocate 34 billion baht ($970 million) through to 2027 to fund its ambition of becoming a major production hub for electric vehicles, renewing a flagship incentive program in the Southeast Asian nation.
Foreign EV makers will be eligible to receive up to 40% cuts on import duties and a reduced excise tax rate of 2% for their completely-built electric cars brought into Thailand in 2024 and 2025, according to Narit Therdsteerasukdi, secretary-general of the Board of Investment. In return, EV makers will have to manufacture EVs locally in Thailand by 2027.