Thailand Drives EV Transition: Chinese Battery Giant Plans Factory Investment
AshleyApr 18, 2024, 11:20 AM
From April 7 to 10, Narit led a delegation to visit seven electric vehicle battery manufacturers including CATL, CALB, IBT, Eve Energy, Gotion High-tech, Sunwoda Electronic, SVOLT Energy Technology in Fujian and Guangdong provinces in China. Two Chinese electric vehicle battery manufacturers expressed substantial interest and plan to build a first-phase capacity of 6-10GW⋅h in Thailand, with a total investment exceeding 30 billion Thai Baht.
During his visit, Narit expressed in a separate meeting with manufacturer executives that everyone sees the business potential of Thailand and showed interest in the promotional privileges of the Board of Investment (BoI) of Thailand regarding investments in electric vehicle power batteries and energy storage systems, areas which require high levels of technical knowledge and investment.
The automobile industry in Thailand is accelerating the transition to electrification. According to Thailand's plan, by 2030, 30% of Thailand-made vehicles will be zero-emission electric vehicles(ZEV). The BOI has introduced promotion policies for various types of pure electric vehicles (BEV), including the development of BEV platforms and software and digital platforms, aiming to make Thailand a manufacturing base for electric vehicles in Asia. The head of the BOI stated that the promotional benefits include corporate tax, import duty exemptions for machinery and raw materials, increased financial support from the Thailand Competitiveness Fund, and subsidies for human resources development.
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