By the end of the year, Munich-based premium car manufacturer BMW Group Thailand will have finished its plan to construct an electric vehicle (EV) factory in Thailand in order to take advantage of opportunities in the EV industry, which has strong government support.
According to Alexander Baraka, president and chief executive of BMW Group Thailand, “We expect an investment plan will be concluded in the next 1-2 months as we need to have further discussions with our parent company and Thailand’s Board of Investment before making a final decision.”
Following consistent government support, BMW recognizes the enormous growth potential of the nation’s EV industry, he said as the carmaker yesterday unveiled its battery-powered BMW i5 model.
The government introduced a set of incentives, including tax breaks and subsidies, in February of last year to encourage the use and manufacturing of electric vehicles in the years 2022–2033.
According to Mr. Baraka, the business will not wait for the introduction of a new package since it feels that its luxury car sector clients have significant purchasing power.
Pimphattra Wichaikul, the minister of industry, promised last month that her department will work harder to pass a new EV incentive plan.
The company is weighing two options for the EV assembly plan in Thailand, according to Krisda Utamote, director of corporate communications for BMW Group Thailand. Either it will expand its current factory, which produces cars with internal combustion engines, to include an EV production line, or it will build a brand-new EV plant.
BMW has already made investments to increase automobile production at its manufacturing in Rayong in order to meet rising consumer demand.
BMW’s EV sales in Thailand during the first nine months of current year increased by a staggering 331% year over year to 940. 11,156 BMW vehicles were sold overall during that time.
Currently, the company co-operates in the operation of 335 EV charging stations, providing drivers with up to 1,000 chargers. The Electricity Generating Authority of Thailand and Evolt Technology Co. collaborate to operate the facilities.
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