News
Tesla urged to ‘fall in love with Thailand’ by PM Srettha Thavisin in bid to lure EV investment to the country
[ad_1]
Thailand’s Prime Minister Srettha Thavisin on Thursday said he showed Tesla executives around industrial estates in the country last week for potential investment.
“I went out of my way to entertain them so they would fall in love with Thailand … they are looking for 2,000 rai (320 hectares) of land,” Srettha said, adding he was confident that the electric vehicle ( EV) maker would invest in Thailand.
Thailand aims to convert about a third of its annual production of 2.5 million vehicles into EVs by 2030 and is preparing incentives to encourage more investment and conversion into EV manufacturing.
EVs have steadily gained traction in Thailand, spurred by a government subsidy that currently stands at up to 150,000 baht per car. The country accounted for around half of all EV sales in Southeast Asia in the second quarter.
Tax cuts and subsidies rolled out by Thailand have already drawn a raft of Chinese carmakers, including BYD and Great Wall Motor, which have committed to investing US$1.44 billion in new production facilities in the country.
Thailand moving full speed to lure China’s EV ‘big fish’ to ‘Detroit of Asia’
Thailand moving full speed to lure China’s EV ‘big fish’ to ‘Detroit of Asia’
Srettha also said Thailand would continue to promote the manufacturing of traditional combustible engine vehicles.
“We were known as Detroit of the East – Japan was the biggest investor, but they are behind in EV,” he said.
“EVs are not going to take over the world … so is it possible to move [Japanese autos] regional production to Thailand and I will give tax incentives.”
[ad_2]
Source link
