Thailand aims for Zero Emission Vehicles (ZEVs) to make up 30% of total vehicle production by 2030 (725,000 cars, 675,000 motorcycles). The EV Board approved EV 3.5, a 4-year package (2024-2027) to boost the EV industry and attract new players. The government will provide subsidies for electric vehicles (EVs) based on types and battery capacities.
Excise tax reductions and import duty benefits are also offered. The EV industry’s growth is evident, with 50,340 new EV registrations in the first nine months of 2023, marking a 7.6 times increase compared to the same period last year. Thailand’s efforts in EV promotion since 2017 have attracted $1.8 billion USD in industry investments.
