In a bid to boost Thailand’s rapidly growing electric vehicle (EV) industry, the Board of Investment (BoI) is gearing up to engage with top electric vehicle battery cell manufacturers in China, urging them to consider investing in the country.
The initiative to promote battery manufacturing comes on the heels of the implementation of EV incentive packages aimed at bolstering both the production and adoption of electric vehicles. This forms a key part of Thailand’s ambitious strategy to position itself as a regional hub for the EV sector.
Narit Therdsteerasukdi, the BoI’s secretary-general, disclosed plans for a roadshow scheduled in Fujian and Guangdong from April 7 to 10. The roadshow aims to present an enticing investment opportunity in battery cell manufacturing to ten prominent Chinese battery cell manufacturers, such as Contemporary Amperex Technology and China Aviation Lithium Battery, with discussions slated to cover investment incentive packages.
Additionally, discussions will be held with leading EV manufacturer XPeng Motor in a bid to encourage their investment in Thailand. XPeng Motor is actively participating in the ongoing 45th Bangkok International Motor Show to exhibit its cutting-edge electric mobility technology, with the event concluding on April 7.
Encouraged by the rapid growth of the EV industry in Thailand and the government’s recent incentive offerings to battery producers, Mr. Narit is optimistic about the interest Chinese battery cell manufacturers might show in expanding their operations to Thailand.
Earlier in February, the National Electric Vehicle Policy Committee greenlit cash grants for EV battery cell manufacturers, signaling a commitment to stimulate the local production of battery cells for EVs and energy storage systems. This support will be extended through the Competitiveness Enhancement Fund.
To qualify for investment promotion under this scheme, companies are required to fulfill specific criteria, including being recognized battery manufacturers that supply batteries to EV producers and having a concrete plan in place to produce battery cells for EV batteries.
To date, the BoI has approved investment incentives for 103 projects encompassing EV development and its associated supply chain, with a cumulative value of 77 billion baht.
Last year, the BoI conducted a roadshow in Guangzhou, Shanghai, and Shenzhen to encourage EV manufacturers to establish production facilities in Thailand.
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