Thailand Implements Wide-Sweeping Policies Supporting the EV Industry
BANGKOK – The Thailand Board of Investment’s (BOI) New York office announced the government’s plans to support the country’s growing electric transportation industry and uptake of electric vehicles.
With wide-sweeping initiatives, the Thai Government unveiled a three-phase development roadmap designed to increase EV production to 30 percent of its total automotive manufacturing capacity—750,000 by 2030. It is an aggressive plan, designed to fast-track the building of a trained workforce, manufacturing capacity and infrastructure.
Supported by government policies and incentives, Thailand’s EV roadmap encompasses all aspects of the electric vehicle supply chain, with a focus on batteries, local production of critical parts, and the inclusion of commercial vehicles of all sizes, as well as ships.
More than 2,000 companies currently operate in Thailand’s automotive supply chain and 30 global automakers are using the country as their main production base in ASEAN, establishing Thailand as the world’s 11th-largest automobile production base.
In support of the uptake of electric vehicles, the Thai Government and private sector partners plan to establish 10,000 charging stations across the country by 2025, with the number expected to increase to 80,000 charging stations by 2035.
“Thailand is moving quickly toward a fossil fuel-free future,” said Vorawan Norasucha, Director of the Thailand Board of Investment New York Office, “Our government is offering generous tax incentives and support to companies operating in the electric vehicle and battery space. Beyond incentives, we are offering comprehensive workforce development support. There is no better time to invest in Thailand.”
For detailed information regarding electric vehicle incentives and support offered by the Thai Government, please visit LINK TO INCENTIVES INFORMATION or contact the Thailand Board of Investment’s New York office at [email protected]
The Thailand Board of Investment New York (BOI New York) is one of 16 BOI overseas offices. The BOI New York team works with U.S. and Canadian companies, to facilitate foreign direct investment and to provide support services to companies investing in Thailand.