Currently, Thailand represents almost 50% of all EV sales in Southeast Asia for the second quarter, with Chinese brands like BYD and Great Wall Motor leading the market.
Thailand is set to collaborate with Toyota Motor Corp on the advancement of its electric vehicle (EV) sector, announced Prime Minister Srettha Thavisin following discussions with the company’s executives.
The government highlighted Toyota’s recognition of Thailand’s potential, particularly in the production of pick-up trucks and eco-friendly cars. This partnership emerges as Toyota prepares to test its inaugural EV pick-up in Thailand, seeking to expand its EV market share amidst increasing competition from Chinese manufacturers.
Historically, Thailand has been a stronghold for Japanese automotive companies such as Toyota and Honda Motor Co, which have made the country a key export center. By 2030, Thailand intends to transform a third of its 2.5 million annual vehicle output into EVs.
In addition, the Thai government recently introduced a three-year tax incentive for carmakers investing in automation and robotics, following the reduction of a consumer EV purchase subsidy last week.
Toyota Motor Corporation, headquartered in Toyota City, Aichi, Japan, is a global leader in automotive manufacturing. Its subsidiary in Thailand, Toyota Motor Thailand Co., Ltd. (TMT) oversees the production of Toyota vehicles in Thailand, distributing them to a network of authorized dealers across the country.
The primary export markets for TMT are the Association of Southeast Asian Nations (ASEAN) region and Oceania, although it also exports vehicles, notably the Toyota Hilux Vigo model, to various global destinations.