Thailand's Prime Minister Srettha Thavisin confirmed collaboration with Toyota Motor Corp for the nation's electric vehicle (EV) sector development, following discussions with the company's executives. The government's statement on Thursday highlighted Toyota's acknowledgment of the potential within Thailand's auto manufacturing industry, particularly in pick-up trucks and eco-cars, as per a Reuters report.
This move coincides with Toyota's plans to test its inaugural EV pick-up truck in Thailand, aiming to invigorate EV sales in the face of heightened competition from Chinese rivals within the country.
For many years, the country has served as a key export hub for Japanese giants like Toyota Motor and Honda Motor Co, securing its position as the world's tenth-largest auto center.
Thailand aspires to convert one-third of its annual production of 2.5 million vehicles into EVs by 2030. However, recent government actions saw a reduction in consumer subsidies for EV purchases, a measure implemented amidst surging sales.
In the second quarter, Thailand captured roughly 50% of all EV sales in Southeast Asia, with leading sales recorded by Chinese brands such as BYD and Great Wall Motor.
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