Connect with us

Thailand

Thailand ups electric vehicle incentives, after 30% spike in foreign direct investment

Avatar

Published

 on 

Great Wall Motor displays its latest EVs at the Bangkok International Motor Show. Credit: GWM

Thailand Board of Investment has approved revised conditions and incentives for investing in electric vehicles and the infrastructure needed to support them, specifically charging stations. Today’s BOI announcement comes as Thailand increases its incentives for people to buy and invest in electric vehicles, in an effort to maintain its grip on Southeast Asia’s car manufacturing market, which is transitioning to a future full of EVs.

Smaller and compact charging stations will now be qualified for a three-year tax relief. The new measure is in addition to a five-year corporation tax cut available for investment opportunities in charging stations with at least 40 chargers, a fourth of which must be the newer DC style. DC fast chargers offer significantly faster charging times than the traditional AV chargers.

Moreover, the BOI has scrapped the requirement for ISO certification and a condition stopping investors from getting extra benefits from other agencies. They cited the irrelevance of such outdated requirements, as technology advances and the need to rapidly expand charging facilities throughout the country.

Now investing in EV charging tech is easier than ever before in Thailand. Investors either have to submit an implementation plan for their EV Smart Charging System or connect to the EV Charging Network Operator Platform. This platform is still under development and will become “a central mechanism to create an efficient management for both operators and battery electric vehicle users”, the Bangkok Post reported. That’s in addition to following to the relevant safety regulations for charging stations, of course. Speaking to reporters after the meeting, BOI Secretary General Duangjai Asawachintachit said…

“We have listened to the EV-related investors’ concerns and revised the measures to ensure that our incentives stay relevant in a fast-changing business environment. This will enable investors, particularly SMEs and startups to have more access to BOI benefits, and manage their costs more effectively.”

The total foreign and Thai investment, including the automotive and parts sector, totaled nearly 111 billion baht between January and March — a 6% decrease from 2021 due to global geopolitical and economic hurdles. Meanwhile, foreign direct investment increased by nearly 30% to more than 77 billion baht in the first three months of 2021, with China, Taiwan and Japan topping the FDI list for foreign investment.

Thailand’s auto industry ranked No. 1, with an investment value of nearly 42 billion baht — more than half of the applications for target industries in the first quarter. It was followed by agriculture and food processing with 12 billion baht, and electronics with more than 10 billion baht, the Bangkok Post reported.

Thailand’s government aims for EVs to comprise 30% of the nation’s overall car production output by 2030. To attract buyers, they’re currently offering a special package for the next two years, featuring tax cuts and subsidies ranging from 70,000 to 150,000 baht.

This year’s Bangkok International Motor Show recorded sales of some 34,000 vehicles, nearly a 14% increase compared to last year. The 43rd edition of the popular motor show took place over a span of two weeks at Impact Muang Thong Thani in Bangkok and wrapped up on Sunday.

Traditional gas-powered vehicles had the lion’s share of the sales, while electric cars, or EVS, stole the spotlight among car enthusiasts. EV bookings grew by 10% to more than 2,000 vehicles, with SAIC Motor and MG registering the most orders, followed by Great Wall Motor, or GWM. A total of 1,500 sales were made between MG and GWM.

SOURCE: Bangkok Post | The Thaiger

SOURCE: Bangkok Post

 

Get more from The Thaiger

Looking for your next home in Thailand? Let us match you with a local expert in minutes!

Thank you for your interest!

One of our agents will
reach out to you soon.

I want to:
  • Thailand (ไทย)+66
  • United States+1
  • United Kingdom+44
  • Australia+61
  • Afghanistan (‫افغانستان‬‎)+93
  • Albania (Shqipëri)+355
  • Algeria (‫الجزائر‬‎)+213
  • American Samoa+1684
  • Andorra+376
  • Angola+244
  • Anguilla+1264
  • Antigua and Barbuda+1268
  • Argentina+54
  • Armenia (Հայաստան)+374
  • Aruba+297
  • Australia+61
  • Austria (Österreich)+43
  • Azerbaijan (Azərbaycan)+994
  • Bahamas+1242
  • Bahrain (‫البحرين‬‎)+973
  • Bangladesh (বাংলাদেশ)+880
  • Barbados+1246
  • Belarus (Беларусь)+375
  • Belgium (België)+32
  • Belize+501
  • Benin (Bénin)+229
  • Bermuda+1441
  • Bhutan (འབྲུག)+975
  • Bolivia+591
  • Bosnia and Herzegovina (Босна и Херцеговина)+387
  • Botswana+267
  • Brazil (Brasil)+55
  • British Indian Ocean Territory+246
  • British Virgin Islands+1284
  • Brunei+673
  • Bulgaria (България)+359
  • Burkina Faso+226
  • Burundi (Uburundi)+257
  • Cambodia (កម្ពុជា)+855
  • Cameroon (Cameroun)+237
  • Canada+1
  • Cape Verde (Kabu Verdi)+238
  • Caribbean Netherlands+599
  • Cayman Islands+1345
  • Central African Republic (République centrafricaine)+236
  • Chad (Tchad)+235
  • Chile+56
  • China (中国)+86
  • Christmas Island+61
  • Cocos (Keeling) Islands+61
  • Colombia+57
  • Comoros (‫جزر القمر‬‎)+269
  • Congo (DRC) (Jamhuri ya Kidemokrasia ya Kongo)+243
  • Congo (Republic) (Congo-Brazzaville)+242
  • Cook Islands+682
  • Costa Rica+506
  • Côte d’Ivoire+225
  • Croatia (Hrvatska)+385
  • Cuba+53
  • Curaçao+599
  • Cyprus (Κύπρος)+357
  • Czech Republic (Česká republika)+420
  • Denmark (Danmark)+45
  • Djibouti+253
  • Dominica+1767
  • Dominican Republic (República Dominicana)+1
  • Ecuador+593
  • Egypt (‫مصر‬‎)+20
  • El Salvador+503
  • Equatorial Guinea (Guinea Ecuatorial)+240
  • Eritrea+291
  • Estonia (Eesti)+372
  • Ethiopia+251
  • Falkland Islands (Islas Malvinas)+500
  • Faroe Islands (Føroyar)+298
  • Fiji+679
  • Finland (Suomi)+358
  • France+33
  • French Guiana (Guyane française)+594
  • French Polynesia (Polynésie française)+689
  • Gabon+241
  • Gambia+220
  • Georgia (საქართველო)+995
  • Germany (Deutschland)+49
  • Ghana (Gaana)+233
  • Gibraltar+350
  • Greece (Ελλάδα)+30
  • Greenland (Kalaallit Nunaat)+299
  • Grenada+1473
  • Guadeloupe+590
  • Guam+1671
  • Guatemala+502
  • Guernsey+44
  • Guinea (Guinée)+224
  • Guinea-Bissau (Guiné Bissau)+245
  • Guyana+592
  • Haiti+509
  • Honduras+504
  • Hong Kong (香港)+852
  • Hungary (Magyarország)+36
  • Iceland (Ísland)+354
  • India (भारत)+91
  • Indonesia+62
  • Iran (‫ایران‬‎)+98
  • Iraq (‫العراق‬‎)+964
  • Ireland+353
  • Isle of Man+44
  • Israel (‫ישראל‬‎)+972
  • Italy (Italia)+39
  • Jamaica+1
  • Japan (日本)+81
  • Jersey+44
  • Jordan (‫الأردن‬‎)+962
  • Kazakhstan (Казахстан)+7
  • Kenya+254
  • Kiribati+686
  • Kosovo+383
  • Kuwait (‫الكويت‬‎)+965
  • Kyrgyzstan (Кыргызстан)+996
  • Laos (ລາວ)+856
  • Latvia (Latvija)+371
  • Lebanon (‫لبنان‬‎)+961
  • Lesotho+266
  • Liberia+231
  • Libya (‫ليبيا‬‎)+218
  • Liechtenstein+423
  • Lithuania (Lietuva)+370
  • Luxembourg+352
  • Macau (澳門)+853
  • Macedonia (FYROM) (Македонија)+389
  • Madagascar (Madagasikara)+261
  • Malawi+265
  • Malaysia+60
  • Maldives+960
  • Mali+223
  • Malta+356
  • Marshall Islands+692
  • Martinique+596
  • Mauritania (‫موريتانيا‬‎)+222
  • Mauritius (Moris)+230
  • Mayotte+262
  • Mexico (México)+52
  • Micronesia+691
  • Moldova (Republica Moldova)+373
  • Monaco+377
  • Mongolia (Монгол)+976
  • Montenegro (Crna Gora)+382
  • Montserrat+1664
  • Morocco (‫المغرب‬‎)+212
  • Mozambique (Moçambique)+258
  • Myanmar (Burma) (မြန်မာ)+95
  • Namibia (Namibië)+264
  • Nauru+674
  • Nepal (नेपाल)+977
  • Netherlands (Nederland)+31
  • New Caledonia (Nouvelle-Calédonie)+687
  • New Zealand+64
  • Nicaragua+505
  • Niger (Nijar)+227
  • Nigeria+234
  • Niue+683
  • Norfolk Island+672
  • North Korea (조선 민주주의 인민 공화국)+850
  • Northern Mariana Islands+1670
  • Norway (Norge)+47
  • Oman (‫عُمان‬‎)+968
  • Pakistan (‫پاکستان‬‎)+92
  • Palau+680
  • Palestine (‫فلسطين‬‎)+970
  • Panama (Panamá)+507
  • Papua New Guinea+675
  • Paraguay+595
  • Peru (Perú)+51
  • Philippines+63
  • Poland (Polska)+48
  • Portugal+351
  • Puerto Rico+1
  • Qatar (‫قطر‬‎)+974
  • Réunion (La Réunion)+262
  • Romania (România)+40
  • Russia (Россия)+7
  • Rwanda+250
  • Saint Barthélemy+590
  • Saint Helena+290
  • Saint Kitts and Nevis+1869
  • Saint Lucia+1758
  • Saint Martin (Saint-Martin (partie française))+590
  • Saint Pierre and Miquelon (Saint-Pierre-et-Miquelon)+508
  • Saint Vincent and the Grenadines+1784
  • Samoa+685
  • San Marino+378
  • São Tomé and Príncipe (São Tomé e Príncipe)+239
  • Saudi Arabia (‫المملكة العربية السعودية‬‎)+966
  • Senegal (Sénégal)+221
  • Serbia (Србија)+381
  • Seychelles+248
  • Sierra Leone+232
  • Singapore+65
  • Sint Maarten+1721
  • Slovakia (Slovensko)+421
  • Slovenia (Slovenija)+386
  • Solomon Islands+677
  • Somalia (Soomaaliya)+252
  • South Africa+27
  • South Korea (대한민국)+82
  • South Sudan (‫جنوب السودان‬‎)+211
  • Spain (España)+34
  • Sri Lanka (ශ්‍රී ලංකාව)+94
  • Sudan (‫السودان‬‎)+249
  • Suriname+597
  • Svalbard and Jan Mayen+47
  • Swaziland+268
  • Sweden (Sverige)+46
  • Switzerland (Schweiz)+41
  • Syria (‫سوريا‬‎)+963
  • Taiwan (台灣)+886
  • Tajikistan+992
  • Tanzania+255
  • Thailand (ไทย)+66
  • Timor-Leste+670
  • Togo+228
  • Tokelau+690
  • Tonga+676
  • Trinidad and Tobago+1868
  • Tunisia (‫تونس‬‎)+216
  • Turkey (Türkiye)+90
  • Turkmenistan+993
  • Turks and Caicos Islands+1649
  • Tuvalu+688
  • U.S. Virgin Islands+1340
  • Uganda+256
  • Ukraine (Україна)+380
  • United Arab Emirates (‫الإمارات العربية المتحدة‬‎)+971
  • United Kingdom+44
  • United States+1
  • Uruguay+598
  • Uzbekistan (Oʻzbekiston)+998
  • Vanuatu+678
  • Vatican City (Città del Vaticano)+39
  • Venezuela+58
  • Vietnam (Việt Nam)+84
  • Wallis and Futuna (Wallis-et-Futuna)+681
  • Western Sahara (‫الصحراء الغربية‬‎)+212
  • Yemen (‫اليمن‬‎)+967
  • Zambia+260
  • Zimbabwe+263
  • Åland Islands+358

    Pete is a writer for The Thaiger, and he writes various topics from news, travel and property. His main focus is writing about Thai news, and what is happening in Thailand.

    image

    Follow Thaiger by email:

    Guides7 hours ago

    Take a workation at these 5 best places in Koh Samui

    Thailand7 hours ago

    Thailand’s monkeys are starving due to fear of monkeypox

    Events7 hours ago

    Deep Week in Phuket – The world’s largest open freediving festival

    Sponsored16 hours ago

    Make your dream vacation at these 5 grandest luxury villas in Phuket

    image
    Thailand8 hours ago

    Thailand News Today | Thai Govt announces “zero road deaths” policy

    Economy8 hours ago

    Saudi deal to inject ‘billions’ into Thai economy

    Phuket8 hours ago

    Phuket looks for new groundwater sources to cope with acute water shortages

    image
    Join the conversation on the Thaiger Talk forums today!
    Chon Buri8 hours ago

    Chon Buri garage owner found dead after alleged misunderstanding over bike

    Bangkok8 hours ago

    Taxi’s brakes fail causing 10 vehicle accident in Bangkok

    Travel9 hours ago

    Where to buy electronics in Thailand 2022

    Economy9 hours ago

    Thai PM suggest people only drive for “essential journeys”

    Crime10 hours ago

    Road rage incident leaves truck driver traumatised

    Chon Buri10 hours ago

    Mayor says more changes to come at Pattaya’s Jomtien beach

    Road deaths11 hours ago

    UPDATE: French woman dies riding bicycle in central Thailand

    Crime11 hours ago

    Man arrested for smuggling durian trees valued at 1 million baht to Laos

    Politics11 hours ago

    UPDATE: Thai political activists left to rot in jail

    Thailand8 months ago

    Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

    Thailand1 year ago

    Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

    Tourism1 year ago

    Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

    Phuket1 year ago

    Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

    Tourism1 year ago

    Phuket Thai food treats you need to try | VIDEO

    Thailand1 year ago

    Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

    Tourism1 year ago

    In search of Cat & Dog Cafés in Phuket Town | VIDEO

    Thailand1 year ago

    Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

    Thailand1 year ago

    Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

    Thailand1 year ago

    Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

    Thailand1 year ago

    Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

    Thailand1 year ago

    Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

    Thailand1 year ago

    Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

    Thailand1 year ago

    Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

    Thailand1 year ago

    Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

    Trending