Approved tax incentives aim to promote production of three types of electric cars in Thailand including hybrid electric vehicles, plug-in hybrid electric vehicles and battery electric vehicles.”
Bangkok, Thailand (PRWEB)
September 26, 2017
Thailand is quickly cementing its status as ASEAN’s leading electric vehicle (EV) hub and main production base after receiving new investments from leading auto manufacturers including BMW, Nissan, and Toyota. This status is further reinforced by the Thai government’s commitment to have 1.2 million electric cars on the roads in Thailand by 2036.
To help increase demand and boost the production of environmentally friendly cars in the country, Thailand Board of Investment (BOI) launched new schemes to promote electric cars such as waiving tariffs for imported EVs, offering incentives for EV part manufacturing and assembly, and promoting the establishment of charging stations nationwide.
Approved tax incentives aim to promote production of three types of electric cars in Thailand including hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles. Production of major parts for HEVs, BEVs, and PHEVs can lead to corporate income tax exemption for up to 8 years.
The industry’s growth was boosted further last year when the nation’s largest energy provider, PTT Pcl, signed a deal with six major automakers to start producing electric cars, including the Thailand units of BMW, Mercedes-Benz, Mitsubishi, Nissan, Porsche and Volvo.
Major global companies are already taking advantage of Thailand’s capabilities in the automotive sector as it pertains to EVs. BMW Group Thailand has delivered their BMW i3 (94Ah) battery to the Thailand Automotive Institute, which has a capacity of 33 kilowatt hours (kWh) thanks to the higher storage density of the lithium ion cells. In addition, Nissan recently announced the company’s plans to offer the LEAF electric vehicle in Thailand starting next year. The company is introducing e-power technology into Thailand’s auto market with a new system that doesn’t require external charging, instead receiving electricity from a 3-cylinder, 1.2-litre internal combustion engine that serves as an in-house generator. Toyota Motor Corporation is also investing $570 million…