Thailand promotes investment in electric vehicle production

More and more foreign investors are interested in the possibility of investing in the production of electric vehicles (EVs) in Thailand thanks to measures to attract investment, encourage the use of EVs as well as an increase in local demand for the products.

hailand promotes investment in electric vehicle production -0
Source: Nikkei Asia

According to the Thai Board of Investment (BOI), the Government has implemented many measures to support EV companies and encourage people to use the vehicles, aiming to turn the country into a regional EV production hub. 

Thailand has set a target that by 2023, EVs will account for 30% of its total vehicles.

Deputy Government Spokesperson Trisulee Trisoranakul said BOI data shows that in addition to clear investment promotion policies, factors such as growing demand and potential of the market in Thailand also contribute to luring manufacturers of EVs, batteries, and spare parts. These enterprises intend to choose Thailand as the base for producing EVs to sell in the local market and export to the world.

According to the Federation of Thai Industries (FTI), in the first ten months of 2022, there were about 12,528 electric vehicles registered, 230% higher than the same period last year.

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