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Friday, May 24, 2024

Cabinet encourages transition to electric vehicles

The Cabinet has approved a package of incentives to encourage the transition to electric vehicles (EVs) and increase domestic production.

Government Spokesperson Thanakorn Wangboonkongchana says that the Cabinet has approved a 2022-2025 incentive package. The package exists to encourage drivers to switch to EVs while also increasing vehicle manufacturing in the country.

The incentives will offer tax cuts and subsidies to encourage domestic use of imported and local EV models for the first two years. The support will then shift to providing benefits to domestic EV’s and removing some from imported vehicles during the second phase of the initiative. Hopefully this will encourage manufacturers to increase domestic production in order to meet rising consumer demand.

Spokesperson Wangboonkongchana added that the Ministry of Energy is currently working out the details and will release further information shortly. The incentives package aligns with the government’s zero-emission vehicle policy. That package seeks to make EVs 30 percent of the country’s auto output by 2030.

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