Thailand's electric vehicle sales ready for a boost

It targets 30% of the market share by 2030.

The Thai government's tax breaks and incentives are turning the country into a global hub for the production of battery electric vehicles (BEVs) and hybrid technologies. BYD recently opened a state-of-the-art factory in Rayong, where six other major Chinese BEV manufacturers are also operating or building factories.

Isuzu Motors unveiled its first BEV at a motor show in 2024 and plans to export it to select European markets starting in 2025.

Other automakers, such as Toyota, Honda, and Hyundai, are also investing in clean energy vehicles in Thailand.

European automakers like Mercedes-Benz and BMW are assembling electric cars in Thailand, with plans for further expansion. Chinese battery maker SVOLT Energy Technology has begun producing EV battery packs in Thailand to support the growing sector.

Thailand's EV market is rapidly growing, with sales increasing significantly in recent years.

The country aims to reach a 30% EV market share by 2030, including electric vehicles for private, commercial, and public transportation. With strong government support and incentives,
Thailand has become an attractive destination for EV manufacturers looking to expand their production capacity.

Thailand's success in attracting investment and developing a localised supply chain for EV production can be attributed to its stable and attractive EV policy, as well as its skilled workforce.

The country is poised to become a major player in the global EV market, with a projected 150,000 EV sales in 2024 and plans to further increase production in the coming years.