Finance Ministry Accelerates "Old Car for New Pickup Truck" Program, Aiming for Launch by End of 2026

Key summary

The Ministry of Finance is accelerating the "Old Car for New Pickup Truck" program to request a loan of 6 billion Thai baht from the Emergency Borrowing Act for the Energy Transition. This is currently under consideration by the subcommittee, chaired by Mr. Kulit Somsubsin. The goal is to launch the program by the end of 2026. Eligibility requirements include being a Thai citizen aged 20 or older, with one person allowed to participate per vehicle. Participants will receive a subsidy of 40,000 Thai baht from the Ministry of Finance, in addition to discounts from car manufacturers and the value of the old vehicle. The old vehicles must be scrapped and cannot be resold. The new vehicles must be pickup trucks or PPV vehicles manufactured in Thailand, using electric vehicle (xEV) technology or B20 diesel fuel. The program aims to reduce pollution and revitalize the automotive industry. The Government Savings Bank will provide low-interest loans of no more than 5%, and preparations are underway to handle the disposal of approximately 50,000 vehicle carcasses per year.