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Bangkok Post
a day ago
- Automotive
- Bangkok Post
Thailand eases output requirements for EV makers
Thailand has adjusted its electric vehicle incentive policy to give carmakers more flexibility to meet production requirements and boost exports, amid tepid domestic demand and intense competition as Chinese brands flood the local market. Under its EV policy launched in 2022, the government allowed duty-free imports on condition that the domestic EV output of automakers would match the number of imports by 2024, rising to 1.5 local units for every import by 2025. The Board of Investment (BoI) said on Wednesday that locally produced EVs that were exported would now count towards the target, a shift from the previous policy of counting only locally registered vehicles. 'The revisions approved today will allow greater flexibility and help Thailand, which is already the leader in the region's automotive manufacturing industry, to become a key EV production base,' BoI secretary-general Narit Therdsteerasukdi said. Chinese brands dominate the EV market in Thailand, with a combined share of over 70% of sales. The government's EV policy, which also includes tax breaks and price subsidies, has drawn more than $4 billion in investments, including from Chinese firms BYD and Great Wall Motors. Last year, the BoI gave an extension to the initial local production timeline to avoid oversupply, as the sector has struggled with weak demand in a sluggish economy. The revised scheme is forecast to take EV exports to about 12,500 units this year and 52,000 units in 2026, the BoI said. In April, Thailand made its first EV shipment of 660 vehicles.
Time of India
a day ago
- Business
- Time of India
Bank of India shares jump 3% after Q1 net profit surges 32% YoY
Bank of India (BoI) shares jumped 2.85% to their day's high of Rs 115.35 on the BSE on Wednesday after reporting a net profit surge of 32.27% year-on-year (YoY) to Rs 2,252 crore, compared to Rs 1,703 crore in Q1FY25. A healthy improvement in profitability metrics primarily supported this growth despite marginal pressure on net interest income. Net Interest Income (NII) for the quarter declined marginally by 3.29% YoY to Rs 6,068 crore from Rs 6,275 crore in the corresponding quarter of the previous fiscal. However, the bank managed to post a 9% YoY increase in operating profit, which rose to Rs 4,009 crore in Q1FY26. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Digital Marketing Data Science Degree Public Policy Others Leadership others Cybersecurity healthcare MCA PGDM Design Thinking Data Science Project Management Data Analytics Artificial Intelligence MBA CXO Product Management Finance Operations Management Management Technology Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details The bank's deposit base witnessed a steady expansion, registering a 9.07% YoY growth. Domestic deposits were up by 9.62% YoY, while CASA (Current Account Savings Account) deposits rose by 2.50% YoY. As of June 30, 2025, the CASA ratio stood at 39.88%. BoI's Return on Assets (ROA) and Return on Equity (ROE) for Q1FY26 stood at 0.82% and 13.55%, respectively. The Global and Domestic Net Interest Margins (NIM) were reported at 2.55% and 2.82%, respectively. The yield on advances (Global) stood at 8.01%, while the cost of deposits was recorded at 4.85% for the quarter. The asset quality of the bank witnessed an improvement: Gross NPA ratio declined by 170 basis points YoY to 2.92%. Net NPA ratio improved by 24 basis points YoY to 0.75%. Provision Coverage Ratio (PCR) increased by 83 basis points YoY and stood at 92.94%. Slippage ratio improved by 2 basis points YoY and stood at 0.33%. Credit cost declined by 17 basis points YoY to 0.68%. The Capital Adequacy Ratio (CRAR) of Bank of India stood at 17.39% as on June 30, 2025, reflecting a healthy capital position to support future growth. On Tuesday, Bank of India shares closed flat at Rs 112.15 on the BSE. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business Recorder
5 days ago
- Business
- Business Recorder
Govt to save Rs70bn annually through 100 reforms across 24 ministries
ISLAMABAD: The government will save over Rs70 billion from introducing and implementing 100 reforms in 24 ministries and departments per annum. This was stated by the officials in a briefing to the Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan who chaired the meeting on Modernization of Companies Act 2017 of Sub-committee by SAPM Haroon Akhtar khan. The meeting was informed that through 29 reforms in pharmaceutical and medical devices an estimated amount of Rs17.81 billion would be saved, through 17 reforms in agriculture market Rs6.56 billion, Rs1.91 billion through eight reforms in logistics and transportation, and Rs43.74 billion through 46 reforms in cross cutting. The meeting stressing the need for moderation of Companies Act-2017 said that there are only 523 listed companies in Pakistan, 2,500 unlisted and 252,321 registered companies, while in USA, there are 33.2 million registered companies and in Canada, 1.3 million registered companies. The meeting was informed that these reforms would result in saving a total Rs250.5 billion to national kitty, of which, Rs1,787 billion by modernisation of Companies Act-2017 and regulatory reforms will save Rs73.6 billion. The meeting was attended by Scott Jacobs, representatives from the Board of Investment (BoI), Securities and Exchange Commission of Pakistan (SECP), and the Overseas Investors Chamber of Commerce (OICC). The participants held detailed discussions on regulatory reforms and the modernisation of the Companies Act 2017. Haroon Akhtar Khan stressed the need for simplifying the registration process of unlisted companies, noting that delays, excessive regulation, and the lack of ease in doing business have become serious challenges for the business community. Copyright Business Recorder, 2025
Bangkok Post
22-07-2025
- Automotive
- Bangkok Post
Omoda & Jaecoo vows to expand Thai investment
Chinese electric vehicle (EV) manufacturer Omoda & Jaecoo (Thailand) is planning to spend more money in a bid to stimulate sales of EVs amid the sluggish automotive market in Thailand. The company, a subsidiary of China's state-owned Chery Automobile, earlier announced a 5-billion-baht investment to build a battery EV (BEV) plant in Rayong, scheduled to start operations in the fourth quarter of this year. "We have no plan to cut the investment budget. Instead we will increase the budget to support our marketing campaign to boost car sales," said Qi Jie, president of Omoda & Jaecoo. A compelling marketing campaign is needed for Omoda & Jaecoo to better compete with rival EV companies, especially those from China, as competition in the EV segment is strong, he said. Many Chinese EV manufacturers are also spending money on marketing campaigns, both in terms of pricing strategy and brand building, in an effort to boost sales. Omoda & Jaecoo and other EV companies are struggling to deal with the impact of fewer auto loans as banks and car financing companies remain cautious about lending money to prospective car purchasers amid the high level of household debt in the country, for fear of non-performing loans. According to Mr Qi, the company is not concerned about the Board of Investment's (BoI) ongoing efforts to encourage EV manufacturers to use more domestically sourced auto parts for EV assembly. BEV manufacturers who are granted tax and investment incentives by the BoI are required to have the proportion of domestic EV parts represent 40% of total EV component costs. The parts value increases to 45% for plug-in hybrid EV manufacturers. "We set a target to have local content make up more than 50% of the total costs, up from less than 20% at present," said Mr Qi, who added that the low amount resulted from the initial phase of Thailand's EV industry development. The company had a total of 42 showrooms in the first half of this year. The number is set to increase to 70 by the end of 2025. From October 2024 to June 2025, Omoda & Jaecoo sold 1,000 cars in Thailand.
Bangkok Post
18-07-2025
- Automotive
- Bangkok Post
Thailand considers excise tax hikes on imported EVs
The Ministry of Finance is studying the imposition of a higher excise tax on imported electric vehicles (EVs) that use a low proportion of local content. Electric pickup trucks in particular are being looked at by the Excise Department, said a ministry source who requested anonymity. Any increases would be part of a package being developed to support domestic investment in the electric pickup truck industry, According to the source, imported EVs from China that benefit from a zero import tariff may be subject to a higher excise tax if they contain zero local content or just a low level of local content. Thailand has a free trade agreement (FTA) with China, allowing many Chinese imports — including EVs — to enjoy zero import duty. This has created competitive imbalances with automakers from other countries who face import tariffs ranging from 40% to 80%. According to the source, the Excise Department is collaborating with the Board of Investment (BoI), which is working on measures to support the pickup truck industry. Importers who meet BoI conditions would be eligible for support. Speaking at the 'Unlocking Thailand's Future' conference on Thursday night, former premier Thaksin Shinawatra proposed the government impose a high excise tax on imported EVs that use a low proportion of local content. He said FTAs with some countries that enjoy zero import tariffs on EVs negatively affect the ecosystem of the domestic automotive industry. He did not name the countries. Using car seats made in Thailand was one example of the kind of local content foreign EV makers could source, he said. Thaksin also mentioned that promoting the use of EVs would help reduce pollution. Currently, Thailand imports 60 million litres of diesel a day, 25 million litres of gasoline and another 10 million litres of other types of fuel, equivalent to the output capacity of a 40,000-megawatt power plant. He also expressed support for Thailand to become a hub for green electricity. Producing 40,000MW of green electricity from solar energy for 24-hour power generation would require about 1.4 million rai of land. He said Thailand has sufficient land to make this possible, and that the Electricity Generating Authority of Thailand (Egat) could undertake this initiative by establishing a separate division, or a 'Green Egat'.
