China-led EV boom in Thailand threatens Japan's grip on key market

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."of 2.5 million vehicles into EVs with ambitions to become the main regional production hub, for which it is aggressively pursuing investment.

These include lower tariffs on imports on the condition of subsequent local assembly and some tax breaks for EV manufacturing. Great Wall selected Thailand as a regional hub for EVs because of the country's strong infrastructure, supplier and talent base, alongside its growth potential, said Narong Sritalayon, managing director of its Thailand arm.

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