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Thailand offers tax breaks and subsidies to rev up EV shift

Carmakers that benefit will need to start building electric models locally by 2024

Great Wall Motor sells electric vehicles in Thailand. (Photo by Yohei Muramatsu)

BANGKOK -- Thailand has approved a package of financial incentives to encourage drivers and automakers to switch to electric vehicles in a bid to transform the country into a production hub for cleaner cars.

The measures for 2022 and 2023 greenlighted Tuesday by the cabinet include subsidies of between 70,000 baht and 150,000 baht ($2,200 and $4,600), depending on the model and battery capacity, according to local media. The excise tax on these vehicles will also be cut to 2% from the usual 8%.

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