BOI approves 209.5 billion baht (US$6.2 billion) of projects and increases incentives for electric vehicle battery manufacturers

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In a meeting held today, the Thai Board of Investment (BOI) approved a total of 209.5 billion baht (US$6.2 billion) in investment applications for manufacturing projects and infrastructure.

The amount includes 36.1 billion baht by Horizon Plus Co., Ltd., a joint venture between Taiwan’s Foxconn and Thailand’s PTT PCL, to manufacture battery electric vehicles (BEVs), and approved enhanced benefits for the investment in battery production, building on the policy to become the manufacturing hub of electric vehicles in Southeast Asia.

The council also approved a package of enhanced incentives to promote investment in smart industrial zones and smart systems, including upgrades to existing industrial zones.

“The rollout over the past three years of measures to boost investment in electric vehicles is already showing clear results and by improving incentives for battery production, a key part of the industry’s transition, we hope to strengthen further the supply chain,” Ms. Duangjai Asawachintachit, BOI Secretary General, told reporters after the BOI meeting chaired by Prime Minister General Prayut Chan-ocha.

Existing and new projects using advanced technology in the production of batteries for electric vehicles, from battery cells to battery modules, and in the production of high energy density batteries, will benefit, within the framework of the revised advantages, a 90% reduction in import duties on raw and essential materials. materials for 5 years in cases where the output is sold domestically, Ms. Duangjai said.

So far, a total of 16 projects, with a combined investment value of 4.82 billion baht, by 10 different companies have received promotional benefits for EV battery manufacturing investments, while 3 Other projects, with a combined investment value of 6.75 billion baht, have been encouraged to invest in high-energy-density batteries, she said.

Source: Thailand Board of Investment

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