According to National Economic and Social Development Board data, the total number of new car registrations by the Land Transport Authority of Thailand in 2023 will be 65,786 vehicles, an increase of 4.6% from 62,722 vehicles in 2022. The number of newly registered Battery Electrical Vehicles in 2023 has increased significantly, with the number of registrations reaching 76,538, an increase of 695.9%.
The Thai government successfully launched EV3.0 and EV3.5 measures to stimulate demand for electric vehicles, resulting in a significant increase in the number of new registrations. Despite this, the production of electric vehicles in Thailand in 2023 is still in its early stages, and most electric vehicles still rely on imports. According to NESDB data, the new registrations of various electric vehicle brands in 2023 are BYD (China) 30,467 vehicles, Neta (China) 12,777 vehicles, and MG (China) 12,462 vehicles.
In addition, all-electric vehicle production in Thailand comes from Chinese automakers, among which Neta has the highest production capacity of 200,000 units. The Thailand Board of Investment (BOI) has determined the production ratio of electric vehicles to compensate for imports. For example: the ratio in 2024 is 1:1 (for every electric vehicle imported, one electric vehicle must be produced locally in Thailand) and the ratio in 2025 is 1:1: 1.5.
These measures will help promote Thailand to become a global electric vehicle production base and an important electrical parts production base. Companies that have obtained investment promotion certificates approved by Thailand should speed up the process. Thailand’s investment in electric vehicles will have a positive impact on Chinese auto companies and will help Chinese auto companies expand and develop in the international market.