(CTN News) – Thailand’s Prime Minister, Srettha Thavisin, recently hosted Tesla executives during their visit to the country’s industrial estates.
He made special efforts to ensure their satisfaction, hoping to attract their investment in Thailand. Srettha revealed that Tesla is seeking 2,000 rai (320 hectares) of land for their operations.
He expressed confidence in the possibility of Tesla choosing Thailand as their investment destination.
Srettha, who assumed office as prime minister in August, had a meeting with Tesla CEO Elon Musk a month later. Thailand, being Southeast Asia’s second-largest economy, has been a prominent player in the automotive industry.
Japanese manufacturers like Toyota Motor Corp, Isuzu Motors, and Honda Motor have dominated the Thai sector for many years.
Thailand has set an ambitious goal of converting approximately one-third of its annual vehicle production, which stands at 2.5 million vehicles, into electric vehicles by 2030.
To encourage more investment and facilitate the transition to EV manufacturing, the country is preparing various incentives.
In Thailand, the popularity of electric vehicles (EVs) has been steadily increasing, thanks to a government subsidy of up to 150,000 baht per car.
This has resulted in the country being responsible for approximately 50% of all EV sales in Southeast Asia during the second quarter.
Thailand’s tax cuts and subsidies have attracted several Chinese car manufacturers, such as BYD (002594. SZ) and Great Wall Motor (601633. SS). These companies have pledged to invest $1.44 billion in establishing new production facilities within the country.
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