The EV Board approved measures to promote investment in battery cell production and energy storage systems, attracting leading battery manufacturers to invest in Thailand.
Thailand’s National Electric Vehicle Policy Committee has approved new measures to promote the adoption of electric buses, trucks, and the establishment of battery bases.
Thailand’s EV Board approved measures to support the uptake of electric buses and trucks, aiming to make the country a regional EV hub and achieve carbon neutrality goals.
Companies can now deduct expenses for e-bus and e-truck purchases from their corporate income tax, incentivizing the transition from fossil fuel vehicles to EVs.
The EV Board also approved measures to promote investment in battery cell production and energy storage systems, attracting leading battery manufacturers to invest in Thailand.
These measures aim to make Thailand a regional electric vehicle hub and help the country achieve its carbon neutrality goals. The incentives include subsidies for the production of electric vehicles and tax deductions for companies purchasing electric buses and trucks.
Additionally, the government has approved measures to attract investment in battery cell production and energy storage systems, with support provided through the Competitiveness Enhancement Fund. The goal is to attract leading battery manufacturers to invest in Thailand. These initiatives are expected to accelerate the transition from fossil fuel vehicles to electric ones, and have already contributed to significant growth in Thailand’s EV market.
The EV Board has approved measures to promote investment in battery cell production and energy storage systems by providing financial support through the country’s Competitiveness Enhancement Fund. The support scheme may also offer additional benefits to eligible companies under Thailand’s Competitiveness Enhancement Act. These measures aim to attract more leading battery manufacturers with advanced technology to invest in Thailand.
Under these measures, investors can apply for benefits and financial support from the BOI’s Competitive Enhancement Fund. The initial criteria for investors to apply are as follows:
1. The investor must be a leading battery manufacturer used by EV manufacturers;
2. The investor must have a plan to produce battery cells for EVs and ESS;
3. The battery cells must have an energy density of at least 150 Wh/kg; and
4. The battery must have a minimum life cycle of 1,000 cycles.
Project investment proposals must be submitted by the end of 2027.
The EV Board’s approval of measures to promote investment in battery cell production and energy storage systems is aimed at attracting leading battery manufacturers to invest in Thailand. This initiative is part of the country’s efforts to position itself as a hub for electric vehicle (EV) production and related technologies.
By encouraging investment in battery cell production and energy storage systems, Thailand aims to strengthen its position in the global EV market and contribute to the development of sustainable transportation solutions. This move also reflects the growing importance of energy storage systems in supporting the widespread adoption of EVs and renewable energy sources. Overall, the approval of these measures signals Thailand’s commitment to fostering a conducive environment for investment in the EV and energy storage sectors.
Source : Thailand Business News
April 23, 2024
