Thailand introduces e-truck subsidies

Nations builds on incentives for passenger EVs as it looks to boost domestic manufacturing

Thailand introduces e-truck subsidies
Thailand has existing incentives for car passenger fleets already in place

The government of Thailand has approved incentives for commercial fleets of large trucks and buses to convert to BEVs.

From now until the end of 2025, companies buying vehicles manufactured domestically will be able to deduct tax expenses of up to two times the actual price of the vehicles.

For imported vehicles, the deduction will be equal to 1.5 times the actual price of the vehicles.

“We believe this will significantly increase the adoption of electric trucks and buses, reduce pollution from the transportation and manufacturing sectors, and support companies' moves to reach their net-zero targets,” says Narit Therdsteerasukdi, secretary general of the Thailand Board of Investment (BOI).

The nation has existing incentives for car passenger fleets already in place, with a total cost to the government of THB34bn ($0.95bn). 

Since the scheme started in 2022, a total of 14 manufacturers and importers have registered a total of 78,554 BEVs to receive the tax discounts. 

The government has also approved a plan to provide financial support from the country's Competitiveness Enhancement Fund to promote the domestic manufacturing of battery cells.

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The moves make Thailand the first country in Southeast Asia to offer EV incentives on both the supply and demand side. 

The government has a target for that at least 30pc of the cars made in Thailand are EVs by 2030.

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