Thailand Sets New Localization Thresholds for Electric Vehicle Industry

2024/09/24
NEV
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Malaysia
Thailand
The Thai government has set new localization requirements for electric vehicle (EV) manufacturers to encourage the development of the domestic automotive industry. Companies wishing to enjoy tax incentives must start producing or assembling three key EV components—electric motors, reducers, and inverters—in Thailand by 2026. The government also offers corporate tax exemptions of up to eight years for international automakers that establish EV battery production lines in the country, and five years for those assembling batteries locally.
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Paul Tan
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