Thailand is currently laying the groundwork to become a production base for electric vehicles (EV) and electric vehicle parts. The goal is to increase EV production to 30% of the country's total car production or 1.05 million units by 2025, and to 50% by 2030. Meanwhile, the Ministry of Energy is planning to propose measures to endorse the EV industry for cabinet approval in December 2021. The proposal will involve two parts of policies; one is the reduction of custom duty on imported EVs, another is the establishment of a fund to subsidize 20% of EV price for buyers. These mechanisms are being driven in tandem with measures to promote battery production for EVs. Currently, PTT Public Company Limited and the Electricity Generating Authority of Thailand (EGAT) have cooperated with the private sector to produce batteries for EVs, and are planning to increase the number of charging stations from the currently existing 2,000 stations.*
EVs is a trend that cannot be overlooked because it corresponds with the green concept as a result of campaigns against climate change worldwide. It is an industry of a future that Thailand should be involved with early on. Be ready to embrace new opportunities from this trend and transform your business strategies.
