The Thailand Automotive Institute (TAI) anticipates a surge in electric vehicle (EV) sales to 50,000 units this year. This comes despite challenges such as diminishing purchasing power, rampant household debt, and the implementation of stricter auto loan regulations by banks.
Last year, local EV sales in Thailand saw approximately 20,000 units sold. The popularity of EVs in the country can be traced back to a series of incentive packages by the government, in a bid to turn Thailand into a regional EV focal point.
Last year witnessed the cabinet approval of incentive packages comprising tax breaks and subsidies to boost both EV production and consumption between 2022 and 2023.
Kriengsak Wongpromrat, TAI’s president, expressed optimism for the Thai automotive industry in the current year. In particular, he emphasized the EV sector, where he anticipates…
