Electric vehicles: Thailand expands incentives to boost the use of EVs

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Electric vehicles: Thailand expands incentives to boost the use of EVs
Electric vehicles: Thailand expands incentives to boost the use of EVs

With a goal of ensuring 30 per cent of its total auto production output are electric vehicles by 2030, Thailand is encouraging consumers to shift to electric vehicles

To boost the use of electric vehicles (EVs), Thailand has expanded and approved enhanced incentives, said the investment promotion agency on Thursday, as the country looks to preserve its status as a major Southeast Asian auto production hub.

For electric vehicles, smaller charging stations will now be eligible for three-year tax benefits, an extra incentive on top of a five-year corporate income tax exemption available to investments in charging stations with at least 40 chargers, Duangjai Asawachintachit, head of Board of Investment (BOI), told a news conference.

A requirement for ISO certification and a condition barring investors from receiving additional benefits from other agencies has also been removed, she said.

The revised measures are “to ensure that our incentives stay relevant in a fast-changing business environment”, she said.

With a goal of ensuring 30 per cent of its total auto production output are electric vehicles by 2030, Thailand is encouraging consumers to shift to electric vehicles.

Including for the auto industry, overall foreign and Thai investment applications in the January-March period were worth 110.7 billion baht ($33.3 billion), down six per cent from a year earlier due to global geopolitical and economic challenges, Duangjai said.

However, in the January-March period, foreign investment pledges alone rose 29 per cent to 77.3 billion baht, with Taiwan, Japan and China as the top three investors, she said.

Followed by agriculture and food processing with 12 billion baht, and electronics with 10.3 billion baht, the auto sector topped the list with an investment value of 41.6 billion baht among the targeted industries.

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