Toyota signs agreement for EV incentives in Thailand

by SpeedLux
Toyota bZ4x SUV

Toyota Motor signed an agreement in Thailand to gain tax incentives and a subsidy for its battery electric vehicles (BEVs) from the Excise Department on Friday.

This comes as part of a government effort to make electric vehicles (EVs) more affordable.

The agreement was signed at the department and secures tax incentives and a subsidy for the automaker’s bZ4X vehicles.

The past agreements led to orders for more than 5,000 vehicles.

Excise tax for BEVs has been reduced from 8% to 2% until 2026, with subsidies of 70,000-150,000 baht ($2034 – $4359) per car available to consumers.

Other supportive measures consist of the BEV import duty being adjusted to not more than 40% from an initial 80% in the case of imports outside free trade agreements.

The rate has reduced the import duty of BEVs from Japan to 20%, South Korea to 40%, and Europe to 40% while the BEVs imported from China have a 0% duty under a bilateral agreement.

State subsidies and tax incentives are can cut BEV prices by at least 150,000-200,000 baht every car.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SpeedLux

SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.

Subscribe

©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.