Toyota Motor Thailand announces that the company will invest an estimated 10 billion baht annually in Thailand’s automotive industry and continue to use Thailand as a production base for both domestic and export markets. This investment will build confidence among foreign investors.
Previously, Toyota has successfully obtained privileges with total investment of 19 billion baht for production of hybrid electric vehicles (EV) from the Board of Investment (BoI) in 2017. According to Ninnart Chaithirapinyo, the board chairman at Toyota motor Thailand, the company plans to localise manufacturing of eco-friendly vehicles and has submitted an investment plan worth 10 billion baht for the government’s EV scheme. Furthermore, the company has also submitted applications with BoI to produce plug-in hybrid and battery EVs in January. Mr Ninnart said that Toyota will be manufacturing plug-in hybrids over the next three to four years and EVs in 2023.
Toyota also plans to assemble 7,000 hybrid EVs a year, making 70,000 batteries for EVs and producing other parts such as doors which totals up to 9.1 million units. Furthermore, the company is looking into a project next year to recycle the cells of hybrid car batteries which can be used for solar rooftops.
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!