The 2026 old-for-new car trade-in program has not yet arrived and will have to wait, but the Ministry of Finance has instructed Government Savings Bank to provide low-interest loans for purchasing electric vehicles (EVs) and electric motorcycles with a credit limit not exceeding 2 million baht.
On 10 Apr 2023, reporter coverage noted that Mr. Akniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, gave an interview regarding the Ministry of Finance's economic policies. He mentioned the 2026 old-for-new car trade-in program, stating that the Ministry is studying measures to replace old cars with new ones as a long-term energy transition to reduce oil dependency. The focus will be on supporting the purchase of new hybrid and electric cars.
There is a condition that the cars must be manufactured in Thailand only, to promote the development of Thailand's automotive industry. Regarding government subsidies, these will be provided through car manufacturers to reduce prices for customers.
The reason hybrids are also eligible is because there are still car manufacturers in Thailand producing vehicles that use both fuel and electricity. The criteria for eligible models will consider carbon emissions, which must be low and meet government-set standards. Currently, the Ministry of Finance is designing these measures to propose for Cabinet approval.
Most recently, on 11 Apr 2023, Mr. Akniti stated after the first Cabinet meeting that, to prepare the public for the transition to clean energy and reduce impacts from energy crisis volatility, the Government Savings Bank was assigned to implement a low-interest loan program—Soft Loan GSB—supporting sustainable energy adaptation for the public, with a project fund of 5 billion baht.
This aims to support loans for individuals adapting their energy use, such as installing solar power systems and purchasing EV cars and motorcycles. The loan limit per person is up to 2 million baht with a 5-year term, a special interest rate, and applications accepted until 31 March 2027.
For SMEs, the Ministry of Finance also collaborates with the Small and Medium Enterprise Development Bank of Thailand on the SME Green Productivity loan program. This provides investment and/or working capital for SMEs upgrading to and transitioning into green industries.
This program covers businesses with production processes or technology that reduce energy use, renewable energy systems, and connections to the electric vehicle (EV) industry and modern low-emission vehicles. The interest rate is 3% per year for the first three years, with a credit limit of up to 30 million baht per applicant.
Reporters note that Thailand’s automotive and auto parts industry accounts for about 10% to 12% of the country’s GDP, based on the latest 2024–2026 assessment by Krungthai COMPASS. The market value of this industry is approximately 2.1 trillion baht, representing around 11% of Thailand’s GDP.
Beyond its high economic value, the automotive industry is also vital to Thailand’s economy in terms of employment, providing direct and indirect jobs totaling over 600,000 to 850,000 people, and it remains a major export sector for the country.