Thailand pushes hard to boost EV production

The Thai government has recently extended incentives for electric vehicle (EV) production and sales. Until the end of 2024, vehicle companies have had to produce a BEV in Thailand for every imported model. This rises to 1.5 locally-made vehicles per imported vehicle in 2025, to two locally-made vehicles per imported unit in 2026 and to three vehicles in 2027. As many as 25 manufacturers (including some motorcycle producers) have reportedly applied to join the scheme. This provides for reduced excise duties on locally-made hybrids.