Toyota chairman Akio Toyoda has pledged an investment of 55 billion baht into Thailand for the expansion of its hybrid vehicle production operations, the
This investment would involve the retooling of Toyota’s production lines in the country, in order to support production of both internal combustion engines as well as battery-electric motors for use in hybrid vehicles, Thai industry minister Akanat Promphan said. This investment will also enable the creation of jobs, technology transfer and workforce development, the minister said, following last week’s meeting between Toyoda and the prime minister of Thailand, Paetongtarn Shinawatra,said that the prime minister of Thailand reaffirmed the government’s readiness to align its policies to the needs of the automotive industry, through the balancing of interests of both manufacturers and consumers in order to achieve mutually beneficial economic benefits.
The Thai prime minister also emphasised the government’s commitment to supporting investment as well as fostering confidence in Japanese manufacturing in Thailand.. Its stance of holding firm with hybrids appears to be paying off, however; out of its record 10.3 million vehicles sold last year, Toyota sold 3.5 million hybrids, up 31% from the previous year, according toPAULTAN10Open roads and closed circuits hold great allure for Mick Chan.