Thailand Plans to Raise Vehicle Production to 1.95 Million by 2030

Thailand aims to raise vehicle production to 1.95 million by 2030 and 2.5 million by 2038. According to Sina Finance, the Board of Investment said in a press release following a Monday meeting chaired by Finance Minister Ekniti Nitithanprapas that the auto industry also targets an additional 640 billion baht ($19.1 billion) in revenue by 2030. The public-private initiative supports multiple powertrain technologies, including electric vehicles and pickup trucks, and aims to encourage new EV production in Thailand, increase local parts use, attract investment in EV components, and expand recycling of vehicles, batteries, and electronic components. The auto plan is part of the government’s “Reinvent Thailand” strategy, which covers seven industries and targets more than 5.4 trillion baht in additional revenue by 2030. The broader strategy aims to push economic growth above 3%, raise investment to 30% of GDP, and place Thailand among the world’s 20 most competitive economies. The 2030 vehicle production target is about 34% above the 1.45 million vehicles expected this year. The plan also targets an additional 500 billion baht in annual tourism revenue by 2030, including through cruise tourism and efforts to promote five regions, including Bangkok, Phuket, and Chiang Mai, as global livable destinations. Other sectors covered include agriculture and food processing, smart electronics, health and wellness, retail, and the creative economy.