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Thailand plans to produce only electric vehicles by 2035

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Thailand is a hub for vehicle manufacturing with a complete supply chain, home to major international car manufacturers such as Toyota, Honda, Nissan, Great Wall Motors and Mercedes-Benz.

More than 2 million vehicles were produced annually in Thailand in 2018 and 2019, according to Statista. In 2020, the pandemic dropped that number to 1.4 million, and COVID-19 remains the biggest contributor to the decline in car production and sales in Thailand in 2021.

As global automakers move towards electric vehicle production, Thailand is realizing the need to move in this direction. According to the Bangkok Post, the National Committee for Electric Vehicle Policy aims to produce only electric vehicles (buses, cars and motorcycles) in the country by 2035, with a total of about 18.4 million units. In the short term, the committee aims to produce 1 million electric vehicles by 2025 and 6 million by 2030. The production of electric cars and pickups alone in Thailand is planned to be increased to 400,000 units by 2025, to 2.94 million units by 2030, and to 8.63 million units by 2035.

According to Nikkei Asia, investments in the production and construction of infrastructure for electric vehicles reached $ 2.5 billion in 2017-2019. The Board of Investment of Thailand (BOI) is expected to increase the budget for the construction of more auxiliary equipment for electric vehicles in the coming years. Data from the Electric Vehicle Manufacturers Association of Thailand (EVAT) show that there are now about 2,200 chargers in the country at 664 stations, and the number of electric vehicles registered in Thailand reached 100,000 as of April 2021. The government hopes there will be a million electric vehicles on the country’s roads by 2025.

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Electric Cars

Historic moment in the electric vehicle market: Hertz buys 100,000 Tesla vehicles for $ 4.2 billion

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Hertz Global Holdings Inc has ordered 100,000 Tesla electric vehicles, actively pursuing the electrification of its rental car fleet. The deal is worth $ 4.2 billion. It is the largest purchase of electric vehicles in history. Cars will be delivered within the next 14 months.

Bloomberg points out that the cost of the order implies that Hertz is paying for Tesla’s list prices, meaning it does not receive the discount on its large order that car rental companies usually get from automakers.

Bloomberg writes that the Tesla Model 3 will be available for rent from Hertz offices in major US markets and parts of Europe from early November. Customers will, of course, have access to Superchargers, and Hertz is also building its own infrastructure for charging electric vehicles.

The electrification plan, which will eventually cover nearly all of Hertz’s half a million cars and trucks worldwide, is the company’s first major initiative since bankruptcy in June. And it shows that the new owners of Hertz, Knighthead Capital Management and Certares Management, intend to shake up an industry dominated by a handful of big players who are usually slow to change.

Bloomberg

The face of the new ad campaign is NFL star Tom Brady.

Tesla shares rose 4-5% in response to the news and the upgrade from Morgan Stanley.

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Tesla capitalization exceeded $ 1 trillion

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At the end of last week, Tesla published its financial report for the third quarter, after which the value of one Tesla share in just one day rose by $ 10 and crossed the psychological mark of $ 900, setting a historic record. As a result, Tesla’s market capitalization has surpassed the $ 908 billion mark.

Today, growth continued, and when it became known about the receipt of a large order from the car rental company Hertz, Tesla’s capitalization exceeded $ 1 trillion.

Usually, car manufacturers do not advertise deals with car rental companies, as they usually sell relatively unpopular models at a discount. But in Tesla’s case, Hertz’s decision to order 100,000 EVs by the end of 2022 showed investors that EVs are no longer a niche product and could dominate the mainstream car market in the near future.

“Electric vehicles are mainstream right now and we are just starting to see an increase in global demand and interest,” Hertz interim CEO Mark Fields told Reuters.

Tesla CEO Elon Musk has set a goal of increasing sales by an average of 50% annually, eventually reaching 20 million a year. This will be more than double that of current sales leaders Volkswagen AG and Toyota Motor.

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Tesla Model 3 and Model Y have risen in price for the second time in a month, new buyers of the base Model 3 will receive their car only by September 2022

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Tesla had already raised the price of its best-selling Model 3 and Model Y in the United States a few weeks ago, and now the company is raising prices again. Once again, the most popular models suffer. The increase was $ 2,000, however, it did not affect all modifications.

Thus, the Model 3 Standard Range Plus has risen in price from 42,000 dollars to 44,000. Interestingly, Tesla also updated the data on the lead time for the base Model 3 – new buyers will receive their electric car only in September 2022. However, it is possible to reduce the waiting period by several months if you choose larger wheels instead of standard wheels. Then you can get a freshly ordered base Model 3 by June 2022.

Tesla Model Y Long Range Dual Motor has risen in price from $ 55,000 to $ 57,000. Here, with the fulfillment of new orders for the Long Range version, it is also not easy: new buyers will have to wait for the crossover until August next year.

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