New Thailand PM discusses EVs with Tesla (TSLA) CEO Elon Musk

Thailand's recently appointed Prime Minister, Srettha Thavisin, revealed Thursday that he engaged in discussions with Tesla (NASDAQ: TSLA) CEO Elon Musk while visiting New York. Their conversation revolved around the electric vehicle sector.

Thailand has been actively providing incentives to electric vehicle and battery manufacturers. Furthermore, they have implemented tax reductions for domestic electric vehicle purchasers in their efforts to maintain their status as a prominent regional automotive hub.

"We look forward to further discussions," Srettha posted on messaging platform X.

Thailand hosts manufacturing facilities for a number of automakers including Toyota (NYSE: TM) and Honda (NYSE: HMC). The nation boasts an annual production of approximately 1.5 to 2 million vehicles, with roughly half of this output designated for export.

In Southeast Asia, EVs have been experiencing a gradual increase in popularity, primarily under the dominance of Japanese car manufacturers. According to data from Counterpoint Research, EVs constituted 6.4% of all passenger car sales in the region during the second quarter, marking a notable uptick from the 3.8% figure observed in the first quarter.

Tesla, a popular brand in Thailand, entered the growing market last year.

Shares of TSLA are down 2.47% near end of day trading Thursday.

By Michael Elkins | [email protected]

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