Thailand extends EV production deadlines and offers incentives to revitalize its lagging automotive sector.

Thailand is extending the production deadlines for electric vehicles (EVs) and offering incentives for hybrid EVs to support its struggling automotive sector. The country, a key auto manufacturing hub in Southeast Asia, faces a stagnant domestic market due to slow economic growth and tight credit conditions. The new measures include extending the deadline for meeting local production requirements and allowing the re-export of imported vehicles to ease oversupply. These steps aim to boost investment and production in the face of declining car sales, with sales down 26.2% year-on-year in the first 10 months of 2024.

3 months ago
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