Due to the rising concerns being raised over the environmental pollution and damage caused by the oil- and gas-powered vehicles, the governments of various ASEAN (Association of Southeast Asian Nations) countries are enacting regulations for automobile manufacturing and encouraging the usage of electric vehicles, in place of the conventional oil- and gas-powered ones. Moreover, several governments are also launching schemes, in the form of subsidies and financial incentives, for fueling the deployment of electric vehicles.
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As the adoption of electric vehicles can massively reduce the emission of carbon dioxide, the governments of several ASEAN countries are implementing policies aimed at propelling the sales of these vehicles. Many governments are launching incentive schemes to boost the adoption of electric vehicles in transport fleets. For example, the Thailand Board of Investment (BOI) announced in April 2019 that it would reduce excise tax from 8% to 2% for automakers planning to manufacture electric vehicles in Thailand.
Furthermore, many automobile manufacturing companies are investing heavily in the manufacturing of electric vehicles in the ASEAN region. For example, Toyota Motor Corporation announced in June 2019 that it would invest around $2 billion in electric vehicle manufacturing in Indonesia. Such huge investments being made by automobile manufacturers are fueling the advancement of the ASEAN electric vehicle market, as per the observations of P&S Intelligence, a market research company based in India.
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Hence, it is safe to say that the sales of electric vehicles would shoot-up in the ASEAN region in the forthcoming years, mainly because of the rising enactment of favorable government policies and the provision of several financial incentives by the governments of the regional countries.
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