Mercedes-Benz Plans EV Manufacturing In Thailand: Report

  • Mercedes Benz Group ADR (OTC: MBGYY) has reportedly agreed with the Thailand government to import its battery-powered cars.

  • The move, Bloomberg reported, is part of Thailand’s plan to boost its image as a green auto hub.

  • Mercedes, in turn, will receive benefits like lower import duties and excise taxes for each fully electric car imported by its Thailand unit through 2023.

  • The report added that Mercedes also committed to manufacturing electric cars in Thailand in its facility in Samut Prakan province.

  • Thailand has become the latest competition ground for international EV makers.

  • The report noted that Chinese automaking giant BYD (OTC: BYDDY) has started to sell its first electric SUV’s in Thailand, and Tesla Inc (NASDAQ: TSLA) has opened bookings for two of its models.

  • The Thailand government aims to make 30% of its car sales electric by 2030.

  • The country boasts of an extensive automotive supply chain that has Toyota Motor Corp (NYSE: TM), Ford Motor Co (NYSE: F), and Honda Motor Co (NYSE: HMC) as its clients.

  • Price Action: MBGYY shares closed higher by 0.36% at $16.64 on Thursday.

  • Photo Via Company

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