Japan’s Prime Minister Fumio Kishida, right, shakes hands with Thailand’s Prime Minister Srettha Thavisin at the start of their bilateral meeting at Kishida’s official residence in Tokyo on Dec. 17, 2023, on the sidelines of the Commemorative Summit for the 50th Year of ASEAN-Japan Friendship and Cooperation. (Franck Robichon/Pool Photo via AP)
BANGKOK (Kyodo) — The Thai government said Monday that four Japanese automakers are expected to invest a total of 150 billion baht ($4.3 billion) for the production of electric vehicles in Thailand over the next five years amid Chinese companies’ dominance in the segment.
The announcement involving Toyota Motor Corp., Honda Motor Co., Isuzu Motors Ltd., and Mitsubishi Motors Corp. came after Prime Minister Srettha Thavisin held talks with several Japanese automakers during his visit to Japan earlier this month.
Toyota and Honda are expected to invest 50 billion baht each, while Isuzu will put up 30 billion baht and Mitsubishi 20 billion baht, a Thai government spokesman said in a statement.
The government’s investment board said some of the four automakers will start manufacturing EV pickup trucks within two to three years.
Srettha, a businessman-turned-politician, met the executives of several automakers on Dec. 15 and discussed the Thai government’s planned tax incentives aimed at helping the automakers produce EVs in Thailand.
Chinese carmakers have recently seen their share in the Thai EV market reach nearly 80 percent, according to local bank research.
The spokesman said, “The prime minister has stressed that Japanese carmakers can play an important role in promoting EV production in Thailand.”
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