The National Committee on Electronic Vehicle Policy, commonly referred to as the EV board, has agreed to reduce the excise tax on EV batteries from 8% to just 1%, a major development for the industry.
According to a report, the EV board has also decided to offer a 24 billion baht subsidy to the EV battery production sector.
Energy Minister Supattanapong Punmeechaow stated that the subsidy, which is aimed at reducing the prices of EV batteries and boosting the country’s EV-making industry, will be provided on a first-come, first-served basis.
Supattanapong said the size of the battery produced will determine the amount of subsidy offered. Producers of EV batteries with a capacity of less than 8 gigawatt hours (GWh) will receive a subsidy ranging from 400 baht to 600 baht per kilowatt hour (kWh), while those producing EV batteries with more than 8 GWh will receive between 600 baht and 800 baht per kWh.
Business experts and EV operators have welcomed the announcement, saying that it is a step in the right direction for the growth and development of the EV industry in Thailand. (NNT)