By Reuters | Updated: 01 November 2023
BANGKOK, Nov 1 (Reuters) – Thailand on Wednesday approved a new subsidy package for electric vehicles, an industry official said, in a move to support EV sales in a top regional auto hub where battery-powered cars are steadily gaining traction.
The new package approved by the National Electric Vehicle Policy Committee includes a lower subsidy than the current scheme ending this year, chairman of the Federation of Thai Industries, Kriengkrai Theinnukul, told reporters.
EVs have enjoyed strong sales in Thailand this year, accounting for about half of all EV sales in Southeast Asia in the second quarter.
Thailand currently offers a government subsidy of up to 150,000 baht ($4,100) per vehicle, but the amount could be brought down to 100,000 baht, a government official said last month.
Chinese carmakers, including BYD (002594.SZ) and Great Wall Motor (601633.SS) have committed to invest $1.44 billion in new production facilities in Thailand, which has long been dominated by Japanese auto majors.
© Thomson Reuters 2023
