Thailand approves second phase of EV subsidies for 2024 to 2027

Thailand aims to produce Zero Emission Vehicles (ZEVs) to account for at least 30% of the total motor vehicle production by the year 2030, which would amount to 725,000 cars and 675,000 motorcycles.

The EV Board has approved the second phase of EV Package, known as EV 3.5, for 4 years (2024-2027) to promote EV industry’s continuous growth and to facilitate investment opportunities in EV manufacturing in Thailand for new players. The package aims to support investment covering the entire EV industry ecosystem. Companies who have already participated in EV 3 are eligible to apply these measures complying with the conditions and regulations.

As part of the EV 3.5 package, 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. The subsidies will be provided in…