The Thailand Board of Investment has announced new packages and privileges for electric vehicle companies to establish operations in the Eastern Economic Corridor.
Commonly referred to as the ‘Detroit of the East’, Thailand is currently ranked 12th in the world’s automobile producers.
EV production is one of the Thai auto industry's fastest growing subsectors. According to analysts, the number of electric cars to be produced in Thailand is expected to grow to 1. 2 million by 2036.
Thailand's energy policy is helping establish a complete EV ecosystem that includes EV manufacturers, as well as the companies that build the infrastructure to supply power to EV vehicles. Furthermore, the Kingdom offers easy access to China, whose industrial policy is also dedicated to developing a robust domestic market for electric vehicles.
"Our supportive government policies and substantial assistance in the form of tax and non - tax incentives make Thailand the top destination for foreign investors in the automotive industry, " said Chokedee Kaewsang, deputy secretary general of the Thailand Board of Investment.