Thailand has won over $2 billion in EV investments

Thailand’s electric vehicle (EV) manufacturing sector is getting a charge from investors, receiving over $2 billion in funds for 26 projects so far this year, according to the Board of Investment (BOI), as the Kingdom’s automotive sector retools for the future.

The Board has approved tax benefits for the production of 838,775 EVs and issued promotion certificates to 16 projects, including six for manufacturing sedans, two for pick-up trucks and three for motorcycles through the first ten months of the year, said Noppawan Huajaimun, the Digital Economy and Society (DES) Ministry’s Spokesperson.

Automotive manufacturing has been a national economic strength for decades. The Kingdom was known for many years as “the Detroit of Southeast Asia” for the millions of cars it would build for American, Japanese and European automakers.

Changing technology means the Kingdom must alter as well, and policymakers have been encouraging and incentivizing the transition to electric vehicle manufacturing both by established carmakers and new firms.

The transition to EV manufacturing includes all faces of the EV ecosystem, including parts, batteries, charging stations and related technologies.

For instance, Thailand’s largest energy firm PTT has formed a joint venture with Foxconn of Taiwan, known for assembling iPhones, to produce batteries for electric vehicles in Thailand.

In fact, PTT unveiled a comprehensive EV ecosystem plan last week. Aside from vehicles and batteries, the conglomerate will engage in the manufacture and installation of EV-charging stations, and it will launch a service to rent EVs.

PTT said that its goal with these ventures is to help make Thailand a low-carbon society.

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