Thailand is set to witness a significant spark in electric vehicle (EV) sales, potentially doubling the figures by year-end, driven by Chinese manufacturers and approximately US$2.4 billion in government incentives, bolstering consumer demand.
Krisda Utamote, Electric Vehicle Association of Thailand President, forecasted that new battery EV registrations might exceed 150,000 by the year’s end in a recent interview in Bangkok.
This surge in demand is expected to raise the total EV share in passenger car registrations from 12% last year to 20% this year. In 2022, the figures were in single digits. The Thai Government’s decision to slash import and excise taxes on imported EVs and provide cash subsidies to buyers in exchange for automakers’ commitment to start local production lines has stimulated this boom.
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