Mercedes-Benz Plans EV Manufacturing In Thailand: Report

Mercedes Benz Group ADR 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 BYDDY has started to sell its first electric SUV’s in Thailand, and Tesla Inc 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 TM, Ford Motor Co F, and Honda Motor Co HMC as its clients.
Price Action: MBGYY shares closed higher by 0.36% at $16.64 on Thursday.
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