State preps incentives to spur EV demand

State preps incentives to spur EV demand

An electric vehicle on display at the Thailand International Motor Expo. The government's target is that 30% of all cars produced in Thailand should be EVs by 2025. (Photo: Wichan Charoenkiatpakul)
An electric vehicle on display at the Thailand International Motor Expo. The government's target is that 30% of all cars produced in Thailand should be EVs by 2025. (Photo: Wichan Charoenkiatpakul)

The Finance Ministry stands ready to approve measures to promote the use of electric vehicles (EV), which is expected to significantly bring down the prices of imported EVs, said a source on the National Electric Vehicle Policy Committee.

The government's target is that 30% of all cars produced in Thailand should be EVs by 2025.

The source added that to meet this goal the country has to launch a measure to promote the import of EVs. This is the quickest way to promote the use of EVs. The government will also support the rollout of infrastructure to support EVs.

This measure will take effect on January 1, which will result in a significant drop in the price of imported EVs, the source added.

Once EV demand is increasing, this will be an incentive to the related companies to install the charging stations and enable Thailand to ensure that almost all newly registered vehicles in 2030 are EVs.

However, the source declined to disclose the detail of the measure to promote the import of EVs, just adding that it will not be limited to only the tax incentive but also various other measures. However, it is not clear if Thailand will provide subsidies to people as an incentive to buy EVs.

Earlier the Excise Department's director-general Lavaron Sangsnit said the excise tax rate to be applied to EVs might be the lowest because EVs barely emit any carbon dioxide (CO2).

The country's current vehicle excise tax structure is based on engine power and CO2 emission rates.

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