EV3.5: Transforming Thailand into the Region's EV Hub
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The Thai government prioritizes driving the country towards becoming a hub for electric vehicle manufacturing in the region, in line with the 30@30 policy, which aims to have ZEV (Zero Emission Vehicle) production account for at least 30 percent of total automotive production by the year 2573. The second phase of support measures for electric vehicle usage, known as EV 3.5, spans a four-year period (2024-2027), aimed at fostering continuous expansion of the electric vehicle industry and creating opportunities for increased investment in electric vehicle production in Thailand. The government will provide subsidies for electric cars, electric pickups, and electric motorcycles based on the vehicle type and battery size:
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- Electric cars priced at no more than 2 million baht, with battery sizes starting from 50 kWh, will receive subsidies ranging from 50,000 to 100,000 baht per vehicle. For battery sizes below 50 kWh, subsidies will range from 20,000 to 50,000 baht per vehicle.
- Electric pickups priced at no more than 2 million baht, with battery sizes starting from 50 kWh, will receive subsidies ranging from 50,000 to 100,000 baht per vehicle.
- Electric motorcycles priced at no more than 150,000 baht, with battery sizes starting from 3 kWh, will receive subsidies ranging from 5,000 to 10,000 baht per vehicle.
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Additionally, under the EV 3.5 measures, there will be a reduction in import duties by up to 40 percent for imported complete electric cars (CBU) priced at no more than 2 million baht. Furthermore, the excise tax rate will be reduced from 8 percent to 2 percent for electric cars priced at no more than 7 million baht. Conditions have been set requiring manufacturers to offset imports within the year 2569 at a ratio of 1:2 (import 1 unit, offset production 2 units), and the ratio will increase to 1:3 in the year 2570.
The EV 3.5 measures underscore the Thai government's determination to propel Thailand as a center for electric vehicle manufacturing in the region. It aims to attract new investors to establish production bases in the country and maintain Thailand's position as the number one automotive leader in ASEAN and one of the top ten globally. Moreover, it supports Thailand's goals to reduce greenhouse gas emissions and transition towards carbon neutrality by the year 2050.
Electric Vehicle Asia 2024 (EVA), Southeast Asia's longest-running EV show, is set to be the preeminent regional show for all stakeholders involved in the electric vehicles sector. This event will bring together manufacturers, entrepreneurs, policymakers, and industry players involved in the entire EV ecosystem, from upstream to downstream aspects of the EV industry on a global scale. Anticipated to host over 200 EV companies and draw more than 33,000 EV professionals from 60 countries.
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Secure your exhibit space now for Electric Vehicle Asia 2024, scheduled from 3-5 July at QSNCC, Bangkok, Thailand. Don't miss out on the extensive business opportunities awaiting you. Limited spaces are available, so act promptly to be a part of this event where all major EV players will converge.
For immediate space booking, please contact: +66 2036 0500 EXT. 235 or
[email protected]
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