January 10, 2024
BANGKOK – Prime Minister and Finance Minister Srettha Thavisin is confident in Thailand’s potential to become a regional hub for electric vehicle (EV) manufacturing and other industries related to the EV ecosystem, government spokesperson Chai Wacharonke said on Monday.
Chai quoted Srettha as saying that Thailand has the advantage of a comprehensive supply chain, infrastructure as well as supporting policies that will help boost the country’s EV manufacturing and export to global markets.
He also cited statistics from the Board of Investment of Thailand (BOI), which so far has approved investment privileges to 16 manufacturers of battery electric vehicles (BEVs), with a combined investment value of over 39.5 billion baht.
These companies include existing Japanese automakers in Thailand who are transitioning from internal combustion engines to EVs, and new manufacturers from Europe, China, and other countries, he said, adding that most of these manufacturers are currently setting up their factories in Thailand and are slated to commence operations this year.
Chai noted that BOI has also granted promotions to 17 manufacturers of EV batteries, 14 manufacturers of high-density batteries, and 18 manufacturers of EV components with combined investment values of 11.7 billion baht, 12 billion baht and 5.97 billion baht respectively.
For EV infrastructure, the BOI has approved investment privileges for 11 companies to establish EV charging stations in Thailand, with a combined investment value of over 5.1 billion baht.
Chai said the government is working with the BOI to attract more EV manufacturers to invest in Thailand, especially those from the US, Europe and South Korea.
“The Prime Minister has been leading Thai representatives to meet major manufacturers overseas to demonstrate Thailand’s potential as an EV hub in the region,” said Chai. “Meanwhile, the government also continues to promote the use of renewable energy to further boost the EV market while also responding to environmental challenges.”