Thailand’s EA and GPSC shares surged on Friday, buoyed by the EV board’s better-than-expected approval of a plan to reduce the excise tax on EV batteries from 8% to 1%.
As of 10.53 A.M. (Thai time), the share price of Energy Absolute Pcl. (SET:EA) rose THB3.25/share, or 3.76%, to THB89.75/share, with a trading value of THB1,032 million.
The share price of Global Power Energy Pcl. (SET:GPSC) rose THB0.75/share, or 1.08%, to THB70.00/share, with a trading value of THB182 million.
On Thursday, Thailand’s national committee on electronic vehicle policy, the EV board, agreed in principle to a plan to reduce the excise tax on EV batteries from the current 8% to just 1%, as well as grant a 24-billion-baht subsidy to the EV battery-producing business.
Supattanapong Punmeechaow, the Minister of Energy, has said that the government subsidy will be distributed on a first-come, first-served basis.
The subsidies, he said, would help the country’s EV manufacturing industry by lowering the price of EV batteries and EVs in general.
