New policy in Thailand's car market! Lowered consumption tax, hybrid cars are more valuable now!
AshleyJul 29, 2024, 11:16 AM
The Thai government, in a bid to boost the development of electric vehicle sector, approved a new incentive policy on July 26: temporarily lowering the consumption tax rate for hybrid electric vehicles (HEV). This move is aimed at attracting more automakers to invest in HEV production in Thailand and promoting the transformation of the entire auto industry to electrification.
According to a decision made by Thailand's National Electric Vehicle Policy Board (EV Board), automakers wishing to enjoy the reduced consumption tax rate must make new investments of no less than 30 billion baht in Thailand between 2024 and 2027 and meet a series of strict criteria. These criteria include:
1. Technological upgrade: The manufacturers must make new investments in HEV technology in accordance with the latest technical standards and stringent carbon dioxide emission requirements.
2. Localization of production: The vehicles must use key components that are produced in Thailand.
3. Intelligent upgrade: The vehicles must be equipped with at least four advanced driving assistance systems (ADAS), such as automatic emergency braking systems, lane-keeping assistance systems, etc.
4. Emission standards: The carbon dioxide emissions of the vehicle must be below the prescribed standards in order to meet the environmental protection targets set by the Thai government.
Specifically, the reduced consumption tax rate will be effective between 2028 and 2032, and it applies to hybrid vehicles with no more than 10 seats. HEVs that meet the above conditions will have their consumption tax rate divided into two tiers based on their carbon dioxide emissions: vehicles emitting less than 100 grams per kilometer will enjoy a tax rate of 6%, while those emitting between 101-120 grams per kilometer will enjoy a tax rate of 9%.
Narit Therdsteerasukdi, secretary-general of the Thailand Board of Investment, said that the new policy is expected to attract 50 billion baht in new investment and promote Thailand as the global center for electric vehicle production.
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