BANGKOK: Major Japanese automobile producers will invest 150 billion baht (US$ 4.34 billion) in Thailand over the next 5 years, a Thai federal government representative stated on Monday (Dec 25), supporting the Southeast Asian nation’s shift to making electrical automobiles.
Toyota Motor and Honda Motor will invest about 50 billion baht each, while Isuzu Motors will invest 30 billion baht and Mitsubishi Motors 20 billion baht, representative Chai Wacharoke stated, including this would consist of the production of electrical pickup.
Thailand’s Prime Minister Srettha Thavisin concluded a journey to Japan recently.
Southeast Asia’s second-largest economy is the biggest vehicle manufacturer and exporter in the area. Japanese producers have actually controlled the Thai automobile sector for years, however Chinese EV makers have actually just recently been making big financial investments.
The financial investment by the Japanese car manufacturers will support the federal government’s policy of transitioning from combustion engine cars to EVs, Chai stated.
Toyota, Honda, Isuzu and Mitsubishi did not react right away to ask for remark.
Thailand is intending to transform about a 3rd of its yearly production of 2.5 million automobiles into EVs by 2030 and is preparing rewards to motivate more financial investment and conversion into EV production.
Tax cuts and aids presented by Thailand have actually currently drawn a raft of Chinese carmakers, consisting of BYD and Great Wall Motor, which have actually dedicated to investing US$ 1.44 billion in brand-new production centers in the nation.
Srettha this month revealed executives from United States EV maker Tesla commercial estates in Thailand for prospective financial investment.