Incentives Approved to Support EVs Transition

BANGKOK (NNT) - A package of incentives has been approved by the Cabinet to encourage the transition to electric vehicles (EVs) and increase domestic production.

According to Government Spokesperson Thanakorn Wangboonkongchana, the Cabinet has approved a 2022-2025 incentive package to encourage drivers to switch to EVs while also increasing vehicle manufacturing in the country.

The incentives will offer tax cuts and subsidies to encourage domestic use of imported and local EV models for the first two years. The support will then shift to providing benefits to domestic EVs and removing some from imported vehicles during the second phase of the initiative. Officials hope this will encourage manufacturers to increase domestic production in order to meet rising consumer demand.

The spokesperson added that the Ministry of Energy is currently working out the details and will release further information as soon as it becomes available. The incentives package aligns with the government’s zero-emission vehicle policy, which seeks to make EVs 30 percent of the country’s auto output by 2030.