Thailand’s National Electric Vehicle Policy Committee has recently endorsed new measures aimed at accelerating the adoption of electric buses, trucks, and the establishment of battery facilities.
These measures, approved by Thailand’s EV Board, are geared towards positioning the country as a regional hub for electric vehicles (EVs) while aligning with its carbon neutrality objectives. Among the initiatives is a provision allowing companies to deduct expenses incurred from purchasing electric buses and trucks from their corporate income tax, incentivizing the shift from traditional fossil fuel vehicles to EVs.
Furthermore, the EV Board has greenlit measures to stimulate investment in battery cell manufacturing and energy storage systems, with the intention of attracting prominent battery manufacturers to invest in Thailand. These actions are integral to Thailand’s ambition of becoming a significant player in the EV sector regionally and fulfilling its sustainability goals.
The approved measures encompass subsidies for EV production and tax benefits for companies investing in electric buses and trucks. Additionally, the government has paved the way for investment in battery cell production and energy storage systems by extending support through the Competitiveness Enhancement Fund, aiming to entice leading battery manufacturers to establish their presence in Thailand.
These endeavors are anticipated to expedite the transition from conventional vehicles to electric ones, showcasing remarkable growth in Thailand’s EV market. The initiatives also extend to offering financial assistance and benefits through the BOI’s Competitive Enhancement Fund, with specific eligibility criteria targeting leading battery manufacturers intending to produce cells for EVs and energy storage systems.
The EV Board’s endorsement of measures to attract investment in battery cell production underscores Thailand’s commitment to becoming a pivotal player in the global EV landscape and fostering sustainable mobility solutions. It highlights the increasing significance of energy storage systems in supporting the widespread adoption of EVs and renewable energy sources, underscoring Thailand’s dedication to creating an enabling environment for investments in the EV and energy storage sectors.
