Thailand to spend billions on electric vehicle industry

Thailand to spend billions on electric vehicle industry

ELECTRIC vehicles are seen as a key toward sustainable transportation as governments worldwide feel the increasing pressure to reduce greenhouse gases and immediately address climate change.

Thailand plans to spend an additional 7 billion baht to promote electric vehicles in the country as part of its so-called EV3.5 campaign.

The money will be used to offer subsidies on 40,000 EVs.

The amount will double once the measure will be approved.

Automakers have invested as much as 40 billion baht in setting up production bases in Thailand, and are expected to produce up to 90,000 vehicles locally this year

Thailand has set up a special operation center to break into the top tier of electric vehicle makers as part of a goal to lure one trillion baht ($28 billion) of investments in the next four years.

Thailand’s goal is that 50 percent of all vehicles sold and manufactured in the country are to be electric in 2030, and a full one hundred percent by 2035.

 

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