BoI launches new promotion to woo EV manufacturers, ready to send Tesla a special invite

By The Nation

 

 

At a meeting last week chaired by Prime Minister Prayut Chan-o-cha, the Board of Investment (BoI) agreed to a new round of investment promotion for electric vehicles (EV) in a bid to lure Chinese automakers as well as woo world-famous EV manufacturer Tesla with an eight-year corporate income tax exemption.

 

The previous BoI plan (2017-2019) supported the manufacture of EV and hybrid EVs in the form of passenger cars, trucks and buses, while the new plan covers more vehicles, including motorbikes, motor tricycles and boats.

 

Under the new promotion, tax exemption will be granted under the following criteria:

 

• Manufacturers of battery operated or hybrid electric vehicles that have invested more than Bt5 billion will be entitled to corporate income tax exemption for eight years.

 

• Manufacturers with an investment of less Bt5 billion will be granted corporate income tax waiver for three years, provided they manufacture at least three types of parts for electric vehicles.

 

• Manufacturers of electric motorcycles with batteries will get a three-year waiver on corporate income tax.

 

• Manufacturers of electric buses and electric trucks with batteries get a three-year corporate income tax exemption.

 

In addition to tax exemptions, every EV-related business will get additional benefits based on specific conditions, such as the production of key vehicle parts or investment in research and development.

 

“The promotion of electric vehicle production will help make Thailand a hub for trade and investment as well as a global production base.

 

Also, businesses will be given a chance to efficiently adapt to developments, so they are in line with the competition,” said BoI secretary-general Duangjai Asawachintachit.

 

Under the new plan, BoI hopes to attract new investors such as the Chinese automaker Great Wall Motor. It is also planning to encourage Tesla to set up a production base in Thailand.

 

Tesla currently has production bases in the United States, Germany and China, but has provided no clear indications on whether it plans to invest in the ASEAN region. It recently sent a team to study investment conditions in different countries.

 

BoI’s first investment promotion was quite successful with 26 automakers showing interest in the projects, worth an investment of more than Bt78 billion.  

 

Source: https://www.nationthailand.com/business/30397831

 

-- © Copyright The Nation Thailand 2020-11-12

 

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12 minutes ago, webfact said:

new investors such as the Chinese automaker Great Wall Motor.

They already took over  the Chevrolet (GM)  plant in Rayong.

 

13 minutes ago, webfact said:

The promotion of electric vehicle production will help make Thailand a hub for trade and investment as well as a global production base

????    yes sure   can you also  get rid of the import tax on solar panels and equipment ?

25 minutes ago, webfact said:

woo world-famous EV manufacturer Tesla

I'm sure Elon Musk will be dead keen to come here after having his nose put out of joint with the football team rescue a couple of years ago.

5 minutes ago, bluesofa said:

I'm sure Elon Musk will be dead keen to come here after having his nose put out of joint with the football team rescue a couple of years ago.

 

And they must not forget to threaten him with 14 days quarantine, and to wear a mandatory wristband tracker while in the country for negociations. Also they must ask him to prove that he had 500,000 Baht savings on an account during the recent 6 months! After all, he is not Thai or Chinese, he is a dirty farang!

 

Edited November 12, 20205 yr by Flying Saucage

6 minutes ago, Flying Saucage said:

 

And they must not forget to threaten him with 14 days quarantine, and to wear a mandatory wristband tracker while in the country for negociations. Also they must ask him to prove that he had 500,000 Baht savings on an account during the recent 6 months! After all, he is not Thai or Chinese, he is a dirty farang!

Yeah, but they still want his dirty ferang money.

3 minutes ago, bluesofa said:

10 minutes ago, Flying Saucage said:

 

And they must not forget to threaten him with 14 days quarantine, and to wear a mandatory wristband tracker while in the country for negociations. Also they must ask him to prove that he had 500,000 Baht savings on an account during the recent 6 months! After all, he is not Thai or Chinese, he is a dirty farang!

Yeah, but they still want his dirty ferang money.

 

Sure, but farang mutt understan': The law is the law! 

There will be a special EV ASQ bubble being blown with every 5 billion you invest ????

Invite? Eliminate tax and duty on electric vehicles like Tesla if you are serious. Talk is cheap.