Thailand’s economic woes halve 2024 EV sales forecast

The Electric Vehicle Association of Thailand (EVAT) is reportedly lobbying the government to revise production timelines set out in a national incentive scheme. Thailand has been encouraging automakers to invest in EV manufacturing by offering tax breaks and subsidies. As a condition of this plan (called EV 3.0), OEMs must domestically produce the same quantity of vehicles they import.

In the medium term, this requirement will only become more ambitious: the ratio will increase to 1.5:1 in 2025, 2:1 in 2026, and then 3:1 by 2027. However, according to a Reuters exclusive on 11 September 2024, manufacturers are already struggling to keep up. “We're trying to negotiate, extend the production date out a little," said Suroj Sangsnit, President of the EVAT and Vice President at SAIC Motor. "The conditions say we have to produce within a year, so can we ask for another year?"