Thailand plans to introduce investment incentives for manufacturers of hybrid vehicles. (Photo: iStock)
Thailand, dubbed the "Detroit of the East," continues to roll out incentives for electric vehicles (EVs). On July 26, the Thailand Board of Investment (BOI) announced that manufacturers producing hybrid vehicles will benefit from a reduction in excise tax. The Thai government estimates that this move will attract at least 50 billion baht (about USD 1.4 billion) in new investments over the next four years.
New incentives to propel Thailand towards EV manufacturing hub
BOI Secretary-General Narit Therdsteerasukdi stated that the new incentive measures will support the transformation of Thailand's automotive industry towards vehicle electrification and the development of the overall supply chain. “Thailand has the potential to become a manufacturing hub for various types of electric vehicles, including both vehicles and components,” he added.
