Thailand's Prime Minister, Srettha Thavisin, revealed collaboration plans with Toyota Motor Corp to advance the nation's electric vehicle (EV) sector. Following discussions with Toyota executives, it was disclosed that Toyota recognizes the potential within Thailand's auto manufacturing, particularly in pick-up trucks and eco-cars, as stated in a government release on Thursday.
This partnership coincides with Toyota's strategy to test its inaugural EV pick-up truck in Thailand, aiming to stimulate EV sales amid escalating competition from Chinese counterparts. For decades, Japan's influence, primarily through Toyota Motor and Honda Motor Co, has prevailed in Thailand, serving as a key export hub.
Thailand sets an ambitious goal to transition one-third of its annual vehicle production, totaling 2.5 million units, to EVs by 2030. Recently, the government reduced consumer subsidies for EV purchases due to a surge in sales. In the second quarter, Thailand accounted for roughly half of all Southeast Asia EV sales, with dominant figures from Chinese brands like BYD and Great Wall Motor.
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