According to Kyodo News on December 25, Thailand said today that four Japanese automakers are expected to invest 150 billion baht (about $4.3 billion) in the next five years to produce electric vehicles in Thailand at a time when Chinese companies dominate the field of electric vehicles.
The news concerns Toyota, Honda, Isuzu and Mitsubishi Motors. Thai Prime Minister Saitha Thaksin held talks with a number of Japanese automakers during his visit to Japan earlier this month.
Toyota and Honda are expected to invest 50 billion baht each, while Isuzu and Mitsubishi Motors are expected to invest 30 billion baht and 20 billion baht respectively, a Thai spokesman said in a statement.
*Some of the four automakers will start manufacturing electric pickup trucks within two to three years, according to the investment committee.
Saita is a businessman-turned-politician. He met with executives from several automakers on Dec. 15 to discuss the planned tax incentives to help automakers produce electric vehicles in Thailand.
According to research by local banks, Chinese automakers recently reached nearly 80% of the Thai EV market.
"The Prime Minister stressed that Japanese automakers can play an important role in driving electric vehicle production in Thailand," a spokesperson for Thailand** said. (Compiled by Xu Yanhong).