Thailand’s Expanding Electric Vehicle Supply Chain

In 2024, demand for electric vehicles (EVs) in Thailand, especially for HEVs, increased, while several Chinese OEMs, have started local production of BEVs. Rising interest in local EV production is driven by the Thai Board of Investment (BOI)’s incentives which are intended to attract investment in the production of EVs and related parts. In June 2024, BOI approved battery and energy storage system recycling businesses as a category eligible for investment incentives. Recently, the development of Thailand’s EV supply chain centered on Chinese suppliers.