Thailand's EV Board approved a new excise tax structure (effective 2026) that penalizes imported EVs with no local manufacturing while rewarding companies producing in Thailand and using domestic parts with lower tax rates. The model targets local manufacturing value-add across investment, production, components, and jobs. Current momentum is strong: BEV registrations rose 88% in H1 2026, xEV vehicles hit 55% of all new car sales, and BOI has approved 189 EV-related projects worth 151 billion baht. Major automakers (Mitsubishi, Honda, Mazda, Isuzu) are adding 50+ billion baht in capex to modernize production.