Thailand BOI offers investment incentives for hybrid vehicle manufacturers with lowered excise taxes until 2032. Country aims to become key hybrid producer and attract more investments from international automakers.
Thailand to Offer Investment Incentives for Hybrid Vehicle Manufacturers
Thailand, a prominent auto making hub in the region, will be introducing investment incentives for manufacturers of hybrid vehicles. The Board of Investment (BOI) announced on Friday that excise taxes for hybrids will be lowered from 2028 to 2032, in a bid to attract more firms to the country.
Thailand Positioned to Become Key Producer of Hybrid Vehicles
With recent investments from Chinese electric vehicle makers like BYD and Great Wall Motor, Thailand is actively offering incentives to lure more companies. BOI secretary-general Narit Therdsteerasukdi emphasized the importance of hybrid models in the transition to electric vehicles and stated that Thailand has the capability to be a significant producer of hybrid vehicles. The incentives are expected to attract investments worth 50 billion baht ($1.39 billion) and will require vehicles to include advanced driver-assistance systems and use local parts.
