Thailand boosts EV push with truck incentives, battery grants

BANGKOK: Thailand’s National Electric Vehicle Policy Committee (EV Board) has approved incentives to encourage companies to transition their commercial fleet of trucks and buses to battery electric vehicles (BEV).

This move aims to reduce emissions and support Thailand’s ambition to become a leading hub for EV manufacturing and adoption.

The EV Board, chaired by Prime Minister Srettha Thavisin, also approved cash grants for EV battery cell manufacturers.

Thailand Board of Investment (BOI) secretary general Narit Therdsteerasukdi said the measures will complete the subsidy scheme EV3 and EV3.5 for the passenger cars sector by focusing on large commercial vehicles.

“We believe this will significantly increase the adoption of electric trucks and buses, reduce pollution from the transportation and manufacturing sectors, and support companies’ moves to reach their net-zero targets,” he said at a press conference after a board meeting at the Government House yesterday.

Narit, who is also the EV Board secretary, said the meeting also approved a plan to promote the manufacturing of battery cells for EV and energy storage systems (ESS) in Thailand.

The plan provides financial support via the country’s Competitiveness Enhancement Fund, and possibly other benefits available under the Competitiveness Enhancement Act, to companies that meet the established criteria, he said.

Interested companies must submit their investment project proposals by the end of 2027.

Narit said the measures to promote investment in the production of battery cells, a key element of the supply chain, will help ensure the sustainability and resilience of the country’s EV ecosystem.

The measures approved today require final consideration and approval by the Cabinet before implementation, he added.

Thailand is the top automotive producer in the Asean region and top 10 in the world for automotive production and total automotive exports.

Thailand is the first country in Southeast Asia to offer special incentives to the whole supply side as well as the demand side.

Among them is the 30@30 policy that aims to transition at least 30 per cent of the cars made in Thailand to EVs by 2030.