Thailand Electric Vehicle Makers Request Renegotiation of Government Incentives as Sales Drop

Tuesday, 10 September 2024, 21:45

Thailand's electric vehicle makers are urgently seeking government incentives as sales of electric vehicles slow down. As the largest market in Southeast Asia struggles to meet production targets, the Electric Vehicle Association of Thailand (EVAT) is proposing an extension for compliance. The request comes amidst tightened loan conditions affecting sales performance.
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Thailand Electric Vehicle Makers Request Renegotiation of Government Incentives as Sales Drop

Thailand's Electric Vehicle Industry Struggles

Thailand's electric vehicle makers, led by major Chinese and Japanese firms, are facing declining sales in the electric vehicle market. With only 43,000 new EV sales recorded this year, significantly lower than the target of 100,000, manufacturers are pushing for renewed government incentives to help them meet production deadlines.

Urgent Request for Extended Production Deadlines

  • The Electric Vehicle Association of Thailand (EVAT) is negotiating for an extra year to meet the government's production requirements.
  • Companies like BYD and Great Wall Motor are key players seeking to extend their deadlines.
  • High household debt and tightened bank lending are major obstacles affecting EV sales.

Government Incentives and Future Prospects

The Thai government aims for 30% of the 2 million vehicles produced annually to switch to electric by 2030. However, deteriorating economic conditions and low consumer demand are jeopardizing these goals.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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