As the Board of Investment, Thailand announces new investment privileges for the electric vehicles companies to operate in the Eastern Economic Corridor (EEC). Generally referred to as the “Detroit of the East”, the country is one of the foremost automobile producers of the world that is presently ranked 12th. Also, Thailand’s auto industry is one of the fastest growing subsectors. Based on the analysts, the electric cars to be manufactured in the country is likely to grow to 1.2 million by 2036.
To reach the goal and attract more investment in this sector, the government is offering companies a huge market for growth. The country’s energy policy is assisting in establishing a complete EV ecosystem including EV manufacturers and the companies that build infrastructure to supply power to these vehicles. Additionally, Thailand provides easy access to China, who are equally working to develop a robust market for these kinds of vehicles.
The kingdom has already seen a rise in the applications for electric vehicle projects. The BoI Thailand reports that it has approved 754 investment projects in the first 6 months of 2018, which included applications within the electric vehicles category, representing a value that is greater than 600 million USD. It is in the same year, the Thailand Board of Investment (BOI) approved two projects, one is by Nissan Motor (Thailand), and the other is Honda Automobile (Thailand) in order to manufacture hybrid electric vehicles (HEV) in the country.
The Federation of Thai Industries reported a rise in the domestic car sale in July to 25.7%, after a 25.9% in June. Also, new vehicle production in July increased by 15.1%. Let’s see how it turns out to be for this year. Since Thailand stands out as a great place to do business because of its growing economy and favorable business ambiance, it is likely more investments will pour in.
