A Thai government spokesperson said on 25 Dec , Major Japanese auto manufacturers will invest 150 billion baht ($4.34 billion) in Thailand over the next five years to support the Southeast Asian country’s transition to making electric vehicles. Which Confirms Thai Government.
The announcement involving Toyota Motor Corp., Honda Motor Co., Isuzu Motors Ltd., and Mitsubishi Motors Corp. came after Prime Minister Srettha Thavisin held talks with several Japanese automakers during his visit to Japan earlier this month.
Toyota Motor and Honda Motor will individually contribute about 50 billion baht, while Isuzu Motors and Mitsubishi Motors are slated to invest 30 billion baht and 20 billion baht, respectively.
Thailand is aiming to convert about 1/3 of its annual production of 2.5 million vehicles into EVs by 2030 and is preparing incentives to encourage more investment and conversion into EV manufacturing.
Thailand government’s investment board said some of the four automakers will start manufacturing EV pickup trucks within two to three years.
The investment by Japanese automakers comes at a crucial juncture when Chinese EV manufacturers are increasingly making substantial inroads into the Thai auto sector. Chinese companies such as BYD and Great Wall Motor have committed to investing $1.44 billion in new production facilities in Thailand.
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