Nezas Holdings to open Toyota dealership in Yangon on July 1
BANGKOK, NNA – Nezas Holdings Ltd., a Japanese dealership for Toyota brand cars, will open its first outlet in Myanmar on July 1, tapping the growing automobile market in Southeast Asia’s emerging economy.
The move is the first foray into Myanmar by a Toyota-related car sales group. Nezas aims to sell 700 cars imported from Thailand, Indonesia and Japan, expecting to post 2.3 billion yen ($21 million) in sales for the first year, Director Yoshihiko Endo told NNA on Saturday.
The car dealer based in Utsunomiya, Tochigi Prefecture, north of Tokyo, had launched automotive maintenance services on June 15, said Endo, also managing director of Toyota Taw Win Hinthar Nezas Co., the dealership joint venture between Nezas and Hinthar Group Holdings Co., a local diversified business group.
The local venture had experienced a delay in the opening of Toyota Taw Win, the outlet located in Mayangone Township in the northern part of the country's commercial capital Yangon, from January due to the spread of COVID-19 in the country. The JV has yet to have a plan to open a second outlet, Endo said.
Toyota currently sells cars in Myanmar via two authorized dealers, one established by major Japanese trading house Mitsui & Co. and the other by its trading arm Toyota Tsusho Corp.
In Myanmar, new vehicle sales have surged since 2017 when the country relaxed rules on car imports.
Despite rising fears over the pandemic, the country’s new car sales jumped 36 percent to 6,299 units in the January-March quarter of this year from a year earlier, according to the Automotive Association of Myanmar.
The local authorities overseeing car registration procedures reopened on May 11.