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New policy for electric vehicle development in Thailand

On February 15, 2022, in order to achieve the goal set by the government for the production of electric vehicles in Thailand to reach 30% of the total vehicle production by 2030, Thailand officially approved the proposal of the Electric Vehicle Policy Committee to vigorously reduce the number of pure electric vehicles and motorcycles. Electric vehicle development measures such as tariffs and excise taxes on cars and pickup trucks, as well as market subsidies, will come into effect in May 2022.


 

The measures are as follows:

 

1. Preferential policies for electric vehicle

 

Vigorously reduce tariffs, excise taxes and provide market subsidies. It will be divided into two grades according to the price of electric vehicles. If the price of the car does not exceed 2 million baht, the import tariff of the whole vehicle can be reduced by up to 40% (2022-2023), and the consumption tax will be adjusted from 8% to 2% (2022-2025). In addition, if the battery is less than 30 kWh, a subsidy of 70,000 baht can be obtained, and a subsidy of 150,000 baht can be obtained if the battery capacity is 30 kWh or more. If the price of the car is 2 million to 7 million baht, the import tariff of the whole vehicle can be reduced by up to 20% (2022-2023), and the consumption tax will be adjusted from 8% to 2% (2022-2025).

 

2. Preferential policies for electric pickup trucks

 

Pure electric pickup trucks with a price of not more than 2 million baht and a battery capacity of 30 kWh or more are exempt from consumption tax and receive a subsidy of 150,000 baht per vehicle (only produced in Thailand) (2022-2025).

 

3. Preferential policies for electric motorcycles

 

If the price of electric motorcycles does not exceed 150,000 baht, a subsidy of 18,000 baht per vehicle (2022-2025) will be granted, including the import of all parts and the import of complete vehicles.

 

However, it should be noted that the conditions for electric vehicle manufacturers to receive its preferential policies are that they must have factories in Thailand, and must produce electric vehicles in Thailand in 2024 that are equal to the import volume of complete vehicles in 2022-2023 as compensation. If necessary, the production time of compensation vehicles can be extended to 2025, but it must be produced at a ratio of 1:1.5 times (for every imported vehicle, 1.5 vehicles must be produced in Thailand).

 

Although there are many local car manufacturers in Thailand, and most parts and components can also be purchased locally, but like Europe and Japan, Thailand has a huge production base of fuel vehicles, and direct transformation is very difficult, so it is necessary to attract Chinese. This is undoubtedly an excellent opportunity for Chinese auto companies to go to Thailand.


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