The Business Times — 22 February 2022
Thailand’s cabinet on Tuesday (Feb 22) approved tax incentives to promote a shift to electric vehicles (EVs), and to attract “high potential” foreigners to help boost the economy, the finance minister said.
The vehicle tax measures include reducing import duty this year and next by as much as 40 per cent for completely built EVs priced up to 2 million baht (S$83,115), and by 20 per cent for those priced between 2 million and 7 million baht.
The government will cut excise tax on imported EVs to 2 per cent from 8 per cent, which is expected to add 7,000 EVs in the first year, Finance Minister Arkhom Termpittayapaisith told a news conference.
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The EV scheme for 2022-2025 was approved last week as part of a zero-emission vehicle policy and a goal of ensuring 30 per cent of Thailand’s total auto production are EVs by 2030.
Eligible car manufacturers will also receive subsidies of between 70,000 baht and 150,000 baht for each EV and 18,000 baht for electric motorcycles, Arkhom said.
We believe this tax incentives could be a turning point for EV 2-wheelers in Thailand as it reduces the strain on current motorcycle importers. It should reflect on the future pricing of EV 2-wheelers, making them more affordable to accelerate the EV adoption in the country.
According to the Electric Vehicles Association of Thailand, which Swag EV is a member of, the total registration of new EV motorcycles in 2021 is 3,673. This represents an average of 120% year-on-year growth from the 1,360 registrations in 2020 and the 791 registrations in 2019. This number is expected to hit more than 9,000 this year.
This will benefit EV manufacturers like Swag EV, who recently shifted their assembly operations locally to tap on the upcoming tax incentives and EV Package subsidy scheme and continually accelerate the growth of EV in Thailand.
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