31 new EV plants lured by tax breaks, boosting production by 660,000
The Board of Investment (BOI) approved privileges for 31 electric-vehicle (EV) projects with total investment value of 57.87 billion baht and production capacity of 666,855 vehicles in the first four months of 2022.
The privileges, which come mostly in the form of tax exemptions, were granted from January-April to four categories of projects:
1. Seven hybrid electric vehicle (HEV) projects, with investment value of 37.2 billion baht and production capacity of 438,455 vehicles.
2. Seven plug-in hybrid electric vehicle (PHEV) projects, with investment value of 7.74 billion baht and production capacity of 92,600 vehicles.
3. 14 battery electric vehicle (BEV) projects, with investment value of 10.52 billion baht and production capacity of 131,200 vehicles.
4. Three battery electric bus projects, with investment value of 2.39 billion baht and production capacity of 4,600 vehicles.
The BOI said it was promoting EV manufacturing in line with the government’s target of boosting EV production to 30 per cent of total automotive manufacturing capacity by 2030, or 725,000 vehicles per year.
“We also expect that by 2030 about 50 per cent of passenger vehicles and pick-up trucks on Thailand’s roads will be EVs, or approximately 440,000 vehicles,” said BOI secretary-general Sonklin Ploymee on Sunday.
Meanwhile, the BOI last month held virtual seminars in New York and Los Angeles aimed at attracting US investment for the EV industry in Thailand. Similar events are planned in Europe later this year.
Sonklin said BOI-approved EV-related projects will get tax benefits and other promotional privileges via free trade agreements, with extra incentives if they invest in the Eastern Economic Corridor (EEC).
The BOI has also set a target of at least 12,000 fast-charging stations and 1,450 battery swapping stations for electric motorcycles by 2030.
