Thailand Agrees To Big Incentives For Companies Turning To Electric Vehicles Completely

GWM Ora Funky Cat, (Doc. Great Wall Motors)

JAKARTA - In the midst of a global transition to the era of electrification, countries are competing to implement innovative policies to encourage the growth of electric vehicles. One of them is Thailand, which firmly ensures itself as the main actor in the revolution towards zero emissions.

Recently, the Thai government has announced lucrative incentives for companies to switch to Battery Electric Vehicle (BEV), particularly for large trucks and buses, to optimize their business. This step is not just a discourse, but a real commitment to formulating a sustainable future.

According to a Reuters report on Thursday, February 22, Thailand is offering cash grants to electric vehicle battery cell manufacturers, with confidence that this policy will strengthen the country's position as EV manufacturing center.

"This will significantly promote the adoption of electric trucks and buses, reduce pollution from the transportation and manufacturing sectors, and support the company's efforts towards their net-zero targets," the Thai government said firmly.

Government support is not just nonsense. They provide incentives in the form of special tax reductions to companies that meet the requirements, which will be valid until December 2025. Buyers of local vehicles will get double the fee of the normal price without restrictions, while purchases of imported vehicles will get a discount of up to 1.5 times the original selling price.

In addition, Thailand is also targeting a 30 percent transformation of its annual production of 2.5 million vehicles into electric vehicles, according to the government's ambitious plans.

These progressive measures have attracted the attention of a large number of leading electric vehicle manufacturers, such as BYD and Great Wall Motor (GWM). Companies like GWM have even committed to disbursing investments of up to $1.44 billion to build new vehicle production facilities in Thailand, strengthening Thailand's position as an increasingly important electric vehicle manufacturing base in the region.