Aiming to push Thailand into an EV hub, encouraging investment in battery production.

Government House, The Prime Minister sets an action plan, setting a goal to drive Thailand into the center of automotive production of the future. Promoting the EV industry throughout the supply chain, BOI welcomes investment in EV battery production in Thailand Mr. Chai Watcharong, spokesman for the Prime Minister's Office, revealed that Mr. Settha Thavisin, Prime Minister and Minister of Finance, Intending to elevate Thailand to be the center of automotive production of the future (Future Mobility Hub) with confidence in its potential. and the readiness of Thailand's infrastructure and plans to promote the electric vehicle (EV) industry in a complete manner throughout the supply chain. that covers everything from research Production of parts, tires, batteries, spare parts, assembly, maintenance This will lay the foundation for Thailand to have a complete, strong, and sustainable EV ecosystem, bringing maximum benefit to the country's economy. A spokesman for the Prime Minister's Office revealed the resul ts of the meeting of the National Electric Vehicle Policy Committee (EV Board) No. 1/2024 on February 21, 2024, which approved measures to promote investment in the production of cell-level batteries for electric vehicles and Energy Storage System (ESS) to attract investment in cell-level battery production, which is an upstream segment of the EV industry that uses advanced technology in production. He also assigned the Sub-Committee to Promote the Electric Vehicle and Parts Manufacturing Industry to study guidelines for integrated management of used batteries in order to determine appropriate measures. Mr. Chai also said that such investment promotion measures will encourage investors to submit investment project proposals to receive benefits and financial support from the fund to increase the country's competitiveness. Under the Office of the Board of Investment (BOI), the deadline for submitting investment project proposals is within 2027. Investors requesting benefits and financial support must comply wi th 4 conditions as follows: (1) Must be a producer Leading batteries used by electric vehicle manufacturers (2) There must be a plan to produce battery cells for electric vehicles. Battery cells for energy storage systems can be produced. (3) Battery cells must be produced with a specific energy value of not less than 150 Wh/Kg. (4) There must be a life cycle of not less than 1,000 cycles. Spokesperson for the Prime Minister's Office Added that Benefits for investors who submit investment project proposals will cover 4 issues as follows: (1) financial support of 30-50% of the investment value (2) exemption from corporate income tax for no more than 15 years, which is higher than the benefits under Investment Promotion Act that can be exempted for no more than 13 years (3) Exemption of machinery duty (4) Exemption of raw material duty "Prime Minister Intensely pushing for investment in Thailand By setting work strategically Ready to support relevant agencies to promote investment in the EV industry i n a complete manner throughout the supply chain. By planning a strategy for batteries, which are the main equipment that is like the heart of the EV industry, to be able to attract investors to invest in production in Thailand. And the Prime Minister is confident that Thailand will be able to become a world leader in the fully integrated production of future vehicles in a strong and sustainable manner,' Mr. Chai said. Source: Thai News Agency