Recently,Great Wall Motor Company Limited 、Chongqing Changan Automobile Co., LtdWe have officially signed a memorandum of understanding with the Thai Ministry of Consumption Tax, becoming one of the first Thai companies to receive government approvalAutomobile brands under EV 3.5 policy.EVThe 3.5 policy is the second phase of electric vehicle incentive measures launched by the Thai government after the EV 3.0 policy,

Thailand is the second largest economy in Southeast Asia and the fourth largest automobile assembly and export country in Asia, known asDetroit, Asia.2023On November 1st, Thai Prime Minister and Finance Minister Saita presided over the first meeting of the National Electric Vehicle Policy Committee to discuss the formulation of policies of concern to all partiesPhase II Reward Measures for Electric VehiclesEV 3.5 regulations are expected to take effect from January 1, 2024.

subsequentlyApproved by the National Electric Vehicle Policy Committee of ThailandNowEV 3.5,fromtwo thousand and twenty-fourFrom year totwo thousand and twenty-sevenYear,Implementation periodbyFour years, including providing services for newly sold electric vehicles and electric scootersSubsidies ranging from 5000 to 100000 Thai baht, with simultaneous reductions in import tariffs and consumption taxes.

stayIn the EV3.5 measures, the government will provide subsidies based on different vehicle models and battery sizes, as follows:

The selling price does not exceedElectric vehicles with a battery capacity greater than 50 kilowatt hours and 2 million baht will receive a subsidy of 50000 to 100000 baht per vehicle; Electric vehicles with a battery capacity of less than 50 kilowatt hours will receive a subsidy of 20000 to 50000 Thai baht per vehicle.

The selling price does not exceedElectric pickup trucks with a battery capacity greater than 50 kilowatt hours and 2 million baht will receive 5 per vehicle0000toten0000Subsidies in Thai baht.

The selling price does not exceedElectric motorcycles with a battery capacity greater than 3 kilowatt hours and 150000 baht will receive a subsidy of 5000 to 10000 baht per vehicle. Relevant institutions will jointly discuss and determine appropriate subsidy standards and submit them to the cabinet for further review.

Within two years prior to the implementation of EV3.5 measures, import tariffs for fully equipped electric vehicles priced below 2 million baht will be reduced to no more than 40%; Electric vehicles priced below 7 million baht will have their consumption tax reduced from 8% to 2%.

Set conditions to stimulate investment in Thailand, targeting companies that enjoy incentive measuresIn 2026, the ratio of imported cars to domestically produced cars will be 1:2, meaning that one car will be imported and two cars will be produced. By 2027, the proportion will increase to 1:3. At the same time, it is stipulated that the batteries of imported and domestically produced cars should comply with Thai industrial product standards and must pass inspections by the National Automobile and Tire Testing Center.

In addition,ThailandThe tax department will extend the compliance periodThe registration period for electric vehicles under EV3.0 measures has been extended from the original requirement of registration before December 31, 2023 to registration before January 31, 2024.

ThailandThe Secretary General of the Investment Promotion Committee, Nali, stated that,The EV3.5 measures have enhanced the continuity of government policies, aimed at promoting Thailand as a regional center for electric vehicles, attracting new investors to establish production bases in Thailand, and encouraging existing entrepreneurs to transform into the electric vehicle industry. The above measures will help Thailand maintain its position as the top automotive leader in ASEAN and the world's top ten, as well as achieve carbon neutrality goals by 2050.