BUSINESS

THAILAND GREENLIGHTS SECOND PHASE OF EV PACKAGE FOR 2024-2027

02/11/2023 09:56 PM

By Linda Khoo Hui Li

BANGKOK, Nov 2 (Bernama) -- Thailand has approved the second phase of the electric vehicle (EV) package for 2024-2027, in a bid to promote and attract investment for the country's EV ecosystem.

In a statement today, Thailand's Board of Investment (BOI) said the National Electric Vehicle Policy Committee has approved the second phase of the EV package, known as the EV 3.5 package.   “The package aims to support investment covering the entire EV industry ecosystem.

Companies which have already participated in EV 3 are eligible to apply these measures complying with the conditions and regulations,” it said. As part of the EV 3.5 package, BOI said the government will provide subsidies for the purchase of electric cars, electric pickup trucks, and electric motorcycles based on the vehicle types and battery capacities.

For electric passenger cars priced below 2 million baht, with battery capacity not less than 50kWh will be subsidised between 50,000 and 100,000 baht per unit, while battery capacity lower than 50kWh will be subsidised between 20,000 and 50,000 baht per unit (RM1=13.2156 baht).

Electric passenger cars priced below 7 million baht will incentivised with the reduction of excise tax from 8 per cent to 2 per cent and a reduction in import duties of up to 40 per cent if imported as completely built-up units (CBU) during the first two years (2024-2025).

Electric pickup trucks priced under 2 million baht and with battery capacity of at least 50 kWh will be subsidised ranging from 50,000 to 100,000 baht per unit.

Electric motorcycles priced below 150,000 baht, with battery capacity greater than 3 kWh will be subsidised between 5,000 and 10,000 baht per unit. BOI secretary-general Narit Therdsteerasukdi said the EV 3.5 package reaffirms the government's continued commitment to supporting Thailand as a leading EV hub in the region.

“The strategic initiative involves attracting new players to establish production bases and encouraging existing investors to transition to the EV industry,” he said. BOI said the first phase of the EV supporting programme, or EV 3, started in 2022, and a total of 15 companies have participated, including electric passenger cars, electric pickup trucks, and electric motorcycles.

Thailand's EV registrations in the first nine months of 2023 (January-September) increased by 7.6 per cent to 50,340 units, compared to the same period last year.

-- BERNAMA

 


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