© Reuters. The new Thai Prime Minister discussed EVs with Tesla (TSLA) CEO Elon Musk
Thailand’s recently appointed Prime Minister Srettha Thavisin said Thursday that she held discussions with Tesla (NASDAQ: ) CEO Elon Musk during a visit to New York. Their conversation revolved around the electric vehicle industry.
Thailand is actively offering incentives to electric vehicle and battery manufacturers. They have also implemented tax cuts for domestic electric vehicle buyers in an effort to maintain their position as a major regional automotive hub.
„We look forward to further discussions,” Shretha posted on news site X.
Thailand provides manufacturing facilities for many automakers including Toyota (NYSE:) and Honda (NYSE: ). The country boasts an annual production of around 1.5 to 2 million vehicles, half of which is earmarked for export.
In Southeast Asia, EVs are gradually gaining popularity, primarily under the dominance of Japanese car manufacturers. According to data from Counterpoint Research, EVs accounted for 6.4% of all passenger car sales in the region in the second quarter, a significant increase from the 3.8% figure seen in the first quarter.
Tesla, Thailand’s popular brand, entered the growing market last year.
Shares of TSLA were down 2.47% at the close of trading on Thursday.
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