Hajime Yamamoto, a principal at Nomura Research Institute's consulting division in Thailand, said Chinese brands could take at least 15 percentage points of share from Japan over the next decade by delivering affordable EVs.Toyota, which alongside its group companies has invested nearly $7 billion in Thailand over the last decade and employs some 275,000 people, told Reuters in a statement that it is considering EV production in the country - its first official confirmation.
It has also signalled an electric pickup truck is coming, but Goldman Sachs said in a note last month that "there is a growing need for them to consider other product segment expansion."aims to convert around 30% of its annual production Thailand's pitch to Chinese EV makers has been its existing supply base – built largely for Japanese automakers – and readiness to provide incentives.
"We realise that if we would like to be the EV hub of the region, we cannot only build the car assembly industry," said Thailand's Board of Investment Secretary General Narit Therdsteerasukdi, who has travelled multiple times to China in recent months.The BOI has approved 14 projects by 13 companies, representing an annual production capacity of 276,640 EVs as of May 31.