Below mentioned are three types of electric vehicles approved by the Thailand Board of Investment;
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Battery Electric Vehicles (BEV)
Approved Projects
- Mitsubishi Motors (Thailand) Co. Ltd, with its 5.48 billion baht investment for upgrading their production line at the Laem Chabang Industrial Estate;
- Sammitr Group with 5.5 billion baht investment for the production in Phetchaburi Province;
- BMW (partnership with the DRÄXLMAIER Group for the production of the high-voltage batteries and battery modules);
- FOMM, a new Japanese EV brand.
Apart from the HEV projects, PHEV projects and BEV projects were approved since the set of incentives was rolled out, covering all the important aspects of the EV supply chain.
Additionally, the agency approved 10 battery production projects, having a total capacity of half a million units each year alongside 2 charging station productions that intend to make more than 4,400 outlets every year, as told by the Executive Director of Industrial Linkage Development Division of BOI.
For Your Information
Thailand, the largest automotive production hub of Southeast Asia has no local content requirement for its auto industry that apparently made supply chain management more convenient for the manufacturers.
Also, with the simultaneous development of EV adoption, more than 30,000 new HEVs/PHEVs, as well as 1,200 battery-electric cars and motorcycles, had been registered in 2019 along with 750 charging outlets (approx.) were set up in almost 500 locations.
It is expected that passenger EV sales will rise in 2023 totaling to approximately 5.4 million units.
If you have been planning to set-up an automotive industry the coming years could be the one for you.
