EVs to get cheaper as government slashes excise tax
Excise tax on electric vehicles (EVs) has been reduced from 8 per cent to 2 per cent until December 31, 2025, according to an announcement published on the Royal Gazette website on Wednesday.
The move aims to boost the country's competitiveness in the automotive industry, promote safety standards and reduce carbon emissions to mitigate the impact on the environment.
Three automakers — MG, Great Wall Motor and Toyota — participating in the government's EV incentive campaigns will benefit greatly from the excise tax reduction.
Toyota aims to launch its EV model "Toyota bZ4X" in the latter part of this year.
Earlier, MG and Great Wall Motor gained benefits from import tariff exemption and THB150,000 for each EV unit with more than 40kWh battery capacity.
MG has outstanding orders for more than 6,000 EVs so far, namely MG EP EV and MG ZS EV. Most customers are waiting for the excise tax reduction to gain maximum discount on EVs priced at not more than THB2 million.
For instance, the price of the MG ZS EV X will go down from THB1,269,000 to THB1,023,000, after taking into account discounts totalling THB246,000 — THB150,000 government subsidy and THB96,000 from excise tax reduction.