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BANGKOK (Reuters) – Japan’s top automakers will invest 150 billion baht ($4. 34 billion) in Thailand over the next few years, a Thai government spokesman said on Monday, backing the Southeast Asian country’s transition to electric vehicle manufacturing.
Toyota Motor and Honda Motor will invest around 50 billion baht each, while Isuzu Motors will invest 30 billion baht and Mitsubishi Motors 20 billion baht, spokesman Chai Wacharoke said, adding that this would be accompanied by the production of electric pickup trucks.
Thai Prime Minister Srettha Thavisin concluded a visit to Japan last week.
Southeast Asia’s second-largest economy is the region’s largest automaker and exporter. Japanese automakers have ruled Thailand’s auto sector for decades, but Chinese EV makers have recently made investments.
Investment through Japanese automakers will be part of the government’s policy of transferring combustion engine cars to electric cars, Chai said.
Toyota, Honda, Isuzu and Mitsubishi did not respond to requests for comment.
Thailand aims to convert around a third of its annual production of 2. 5 million cars to electric cars by 2030 and offers incentives to inspire more investment and conversions in EV manufacturing.
Thailand’s tax cuts and subsidies have already attracted many Chinese automakers, BYD and Great Wall Motor, which have pledged to invest $1. 44 billion in new production facilities in the country.
This month, Srettha showed executives from U. S. electric vehicle maker Tesla commercial zones in Thailand to invest in.
($1 = 34. 5800 baht)
(Reporting via Chayut Setboonsarng; editing by Edmund Klamann and Jamie Freed)