Four major Japanese carmakers, namely Toyota, Honda, Isuzu, and Mitsubishi, are set to invest in producing electric vehicles (EVs) and electric pick-up trucks in Thailand. The investment will be implemented within the next five years and is valued at approximately 150 billion Baht (approx. RM20 billion).
As part of the agreement with the Thai government, Toyota and Honda will each invest 50 billion baht (approx. RM6.7 billion); Isuzu will invest 30 billion baht (approx. RM4 billion), and Mitsubishi will be investing 20 billion baht (approx. RM2.7 billion) for the construction of new production facilities in the Land of Smiles.
The substantial investments were the result of a meeting between Thai Prime Minister Srettha Thavisin and seven major Japanese carmakers, during his visit to Japan for the ASEAN-Japan Friendship and Cooperation Commemorative Summit.
While the names of the three other carmakers were not revealed, a press release from the Thai Government states that all seven have committed to using Thailand as their main production base in the region.
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Aside from EV passenger cars, Thailand will also be starting its production of electric pick-up trucks within the next two to three years, the press release said. Thus far, pick-up trucks are amongst the most popular types of vehicles sold in Thailand.
The automotive industry in Thailand has been in the process of a major transformation recently, as the country aims to become the “main EV production base within the ASEAN region”. The government said previously that it aims to convert one third of its annual vehicle production, or some 750,000 vehicles per year based on current production capacity, into EVs by 2030.
Aside from Japanese carmakers, the country has also recently courted major investments from Chinese EV carmakers, including the likes of BYD and Great Wall Motor.
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