Thailand's EV Board approved a restructured excise tax framework designed to incentivize local component production and manufacturing investment. The new tiered tax system ties import duties to domestic investment, production levels, and local content usage—with higher taxes on imported EVs from companies with no local facilities, and lower rates for domestically-produced vehicles with high local component adoption. This strategy aims to position Thailand as a regional manufacturing and export hub, supported by 1.52 trillion baht in cumulative EV sector investment and a 55% market share for xEV registrations year-to-date.