The Thailand Board of Investment announced that Thailand has received more foreign direct investment supporting the country’s growing electric vehicle production ecosystem. According to the Electric Vehicle Association of Thailand, the number of companies that are part of Thailand’s electric vehicle industry has risen significantly since 2015, from 76 to 420 in 2019.
Thailand is the largest producer of vehicles in the ASEAN (Association of Southeast Asian Nations) region and the 11th largest automotive producer in the World, producing more that 2.17 million units in 2018.
The ASEAN member states are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
With a population of more than 645 million consumers in ASEAN alone, the EV industry is projected to grow more as demand across the rest of Asia increases.
Electric vehicle battery production is growing in Thailand, with manufacturing plants operated by SAIC, Honda, Toyota and a recently announced Mercedes production facility.
We are pleased to welcome the location of a Mercedes-Benz battery production facility to the Bangkok region. The new Mercedes facility is the third of its kind in Mercedes’ global battery production network, designed to produce plug-in hybrid automotive batteries.
Thailand is making great progress in the area of sustainable mobility. We offer a range of tax incentives for automotive companies focused on electric vehicle parts production, as well as fuel efficient vehicle assembly.—Vorawan Norasucha, Director of the New York office of the Thailand Board of Investment