Mr. Chai Wacharoke, a Thai government spokesperson stated on Monday that Major Japanese auto manufacturers, such as Toyota, Honda, Isuzu and Mitsubishi, will invest THB 150 billion in Thailand for the next five years.
The investment will include the production of electric pickup trucks, according to the government spokesperson.
Japan has dominated the influence of automobiles in Thailand for years, as the latter is the largest car producer and exporter in Southeast Asia, while China has recently been making large investments in the electric vehicle (EV) in Thailand as well.
Mr. Chai added that the investment by Japan will support the government’s policy of transitioning from combustion engine vehicles to EVs, and the government also aimed to switch a third of its yearly production of vehicles into EVs by 2030.
BYD and Great Wall Motor, Chinese carmakers, had already invested in Thailand as the country launched tax cuts and subsidies for EV manufacturers.
The aim escalated further as the Prime Minister Srettha Thavisin was in talks with the US EV maker, Tesla, for a potential investment in Thailand.
