The Thai automobile industry has set a target to increase automobile production to 1.95 million units by 2030 and 2.5 million units by 2038. The joint public-private initiative aims to strengthen the domestic manufacturing base and increase the usage rate of local components. The investment committee issued a press release after Finance Minister Eknitty Nititampapas presided over the meeting on Monday saying that the automobile industry also plans to increase revenue by 640 billion baht by 2030. The plan supports various power technology routes, covering electric vehicles and pickup truck models, encourages the commissioning of new electric vehicles in Thailand, and increases the proportion of localized support. Thailand also plans to attract more investment in electric vehicle parts and expand the recycling business for vehicles, batteries and electronic components.

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