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Major Japanese auto manufacturers, including Toyota, Honda, Isuzu, and Mitsubishi, are set to invest 150 billion baht ($4.34 billion) in Thailand over the next five years. This move by the automakers supports Thailand's transition towards electric vehicle (EV) production.
Reuters reported that the investments made by Toyota Motor and Honda Motor will amount to approximately 50 billion baht each. In comparison, Isuzu Motors and Mitsubishi Motors will invest 30 billion baht and 20 billion baht, respectively. Notably, these investments will cover the production of electric pickup trucks.
Facilitating Thailand's Transition to EVs
Daily Sabah noted that Thailand, as Southeast Asia's second-largest economy, is the largest car producer and exporter in the region. With Japanese automakers having a stronghold in Thailand's auto sector for decades, this recent investment solidifies their commitment to support the government's goal of transitioning from combustion engine vehicles to EVs.
The spokesperson, Chai Wacharoke, emphasized that the investment by these Japanese automakers aligns with the government's policy. Thailand aims to convert a third of its annual vehicle production, 2.5 million vehicles, into EVs by 2030. The Thai government is preparing incentives to incentivize further investment and encourage businesses to transition to EV manufacturing.
Growing Competition from Chinese EV Makers
While Japanese automakers dominate the Thai auto sector, recent years have seen significant investments from Chinese EV manufacturers. With the Thai government's introduction of tax cuts and subsidies, the country has become an attractive destination for Chinese carmakers.
Brands like BYD and Great Wall Motor have already committed to investing $1.44 billion in new production facilities in Thailand, showcasing the growing competition within the EV market. Furthermore, executives from U.S.-based EV maker Tesla have been exploring potential investment opportunities in Thailand.
Thailand's Ambitious EV Targets
Thailand aims to convert about a third of its annual vehicle production into EVs by 2030. With a production of 2.5 million vehicles annually, this transition represents a significant shift towards sustainable transportation.
By offering tax cuts and subsidies, the government hopes to attract more international automotive manufacturers to establish EV production facilities within the country.
Executives from American EV giant Tesla have visited Thailand to explore potential investment opportunities. As Tesla continues to expand its global presence, partnerships with countries like Thailand will play a crucial role in its future growth.
Photo: Honda Newsroom
