Toyota Motor Thailand on Friday (29/4/2022) signed an agreement with Thailand on incentives to promote the use of electric vehicles. Similar deals have also been signed by Chinese automakers Great Wall Motor and SAIC-CP Motor.
The incentives include tax breaks and subsidies to help make electric vehicles cheaper. The Thai Ministry of Finance said in a statement, quoted by Reuters on Friday.
Thailand’s Finance Minister Arkhom Termpittayapaisith said that after the signing of the deal, it would be a big leap forward for the use of electric vehicles in Thailand. The reason is, consumers are waiting for giant car manufacturers to join the scheme.
“At least five car manufacturers are expected to join the scheme this year,” he added.
Toyota is considering launching the bZ4X electric vehicle model in Thailand later this year. So said the President of Toyota Motor Thailand Noriaki Yamashita. Meanwhile, the Federation of Thai Industries said there are about 260,000 electric vehicles currently registered in Thailand and the Ministry of Finance estimates that around 20,000 units will be sold this year.
By 2030, the government targets to produce 725,000 units of electric vehicles per year. “Thailand will continue to introduce measures to support electric vehicles in order to maintain its status as the largest car production base in Southeast Asia and the 11th largest in the world,” Arkhom said.
