Thailand sees bright future for electric vehicle market in 2023
Thailand's electric vehicle (EV) market will continue to gain momentum in 2023, with sales expected to reach between 25,000 and 35,000 units, according to the Federation of Thai Industries (FTI).
Thailand sees a bright future for the electric vehicle market in 2023. (Photo: VNA)
Bangkok (VNA) – Thailand's electric vehicle(EV) ma🤡rket will continue to gain momentum in 2023, with sales expected toreach between 25,000 and 35,000 units, according to the Federation of Thai Industries(FTI).
The FTI said however, that whether the target will be attained depends on the availability ofsemiconductors which have become scarce worldwide, affecting the automotiveindustry.
The federation believes EV sales in 2022 could reach 1,000 units.
Surapong Paisitpatanapong, vice-chairman and spokesman for the FTI's AutomotiveIndustry Club, attributed the growth in EV sales to their less aggressiveprices and the state incentive package aimed at stimulating sales.
In February 2022, the Thai cabinet agreed to approve tax cuts and subsidies toprꦯomote EV consumption and production during the period 2022 to 2023.
Surapong acknowledged that the country is seeing abright future for the EV industry after global EV manufacturing giants, notablyTesla and BYD, launched their electric autos in Thailand while others alsoannounced their investments in car assembly in the country.
Though Thailand foresees growth in its EV industry, driven by the globalcampaign for zero emissions, the country has to deal with many challenges thatcould decelerate its growth, according to global management consultanc🔯y ArthurD. Little.
The prices of renewable energy and charging servicesremain high in Thailand, while the number of EV charging stations isinsufficient to serve EV drivers, the company said./.
The Vietnamese electric vehicle market promises to be more exciting after many years of consumers saying no to hybrid and e-cars, industry insiders said.
More and more foreign investors are interested in the possibility of investing in the production of electric vehicles (EVs) in Thailand thanks to measures to attract investment, encourage the use of EVs as well as an increase in local demand for the products.
VinFast, a member of private conglomerate Vingroup, has announced its participation in the Consumer Electronics Show (CES) 2023 from January 5 – 8 next year with a showcase of its electric vehicle ecosystem, including four electric SUV models, four electric bikes, VF 8 test drives, and an immersive experience in their booth.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Thailand sees a bright future for the electric vehicle market in 2023. (Photo: VNA) 
