Asia Tech Wire (July 26) -- Thailand approved tax breaks for hybrid cars in hopes of attracting 50 billion baht ($1.38 billion) in investment.

Narit Therdsteerasukdi, secretary-general of the Thailand Board of Investment (BoI), announced on Friday that the board approved a new set of incentives for hybrid car makers.

Narit expects the move to attract 50 billion baht in investment over the next four years.

Thai hybrid-electric vehicle (HEV) makers that join the program will pay a lower excise tax rate between 2028 and 2032.