Toyota Motor Corporation has decided to establish Toyota Myanmar Co. Ltd. (TMY) as its first vehicle production company in Myanmar where it will locally produce the Toyota Hilux beginning from February 2021.
Demand for new vehicles in Myanmar has soared in recent years with approximately 18,000 new vehicles registered in 2018 registering – twice as much as the previous year.
Toyota currently sells the Hilux, Vios, Rush, and other models in Myanmar by relying on imports but will establish TMY in June 2019 and promote initiatives that will allow even more customers to choose Toyota vehicles.
Toyota plans to construct the new TMY plant in the Thilawa Special Economic Zone, situated in the southern suburbs of Yangon city, the country’s largest metropolis with investments costing around USD52.6 million.
The move will see Toyota hiring approximately 130 new employees with the intention to build an estimated 2,500 new Hilux per year using the SKD (semi knock-down) method when operations begin in 2021.