Thailand works on $700 million EV plan to replace 80,000 vehicles

BANGKOK, July 23 : Thailand is reviewing a 24 billion baht ($714 million) plan to help replace up to 80,000 ageing transport vehicles with EVs and evaluating whether it should be extended to cover all electric vehicle purchases as part of its energy-transition efforts. The replacement of tens of thousands of standard vehicles with EVs would help boost Thailand's struggling auto industry. Thailand is Southeast Asia's largest automotive production hub, but domestic vehicle sales slumped to a 15-year low in 2024, as high household debt and tighter lending standards curbed demand, particularly for pickup trucks, a key sector of the market. An initial proposal, presented to a government committee in June, targeted the replacement of commercial transport vehicles, including taxis, motorcycle tax