Thailand Budgets $972 Million to Renew Electric Vehicle Hub Push

(Bloomberg) — Thailand is allocating 34 billion baht ($972 million) through 2027 to fund its ambition of becoming a major production hub for electric vehicles (EVs), renewing a flagship incentive program in the Southeast Asian nation.

Foreign EV makers will be eligible to receive a reduction of up to 40% on import duties and a lower excise tax rate of 2% for their completely-built electric cars brought into Thailand in 2024 and 2025, according to Narit Therdsteerasukdi, secretary-general of the Board of Investment. In return, EV makers will have to manufacture EVs locally in Thailand by 2027.