Toyota gets approval for EV, plug-in hybrid production in Thailand
BANGKOK, NNA - Toyota Motor Corp. has obtained official approval for its plan to produce electric vehicles and plug-in hybrids in Thailand, as part of its policy to globally expand EV sales.
With approval from the Thai government's Board of Investment, effective Jan. 7, Toyota will have to initiate production within three years to benefit from the country's tax privileges, including corporate income tax exemption, although no penalties will be imposed for abandoning the plan.
"We will examine steps in line with the terms of the privileges," a spokesman for Toyota Daihatsu Engineering & Manufacturing Co., Toyota's Thai arm for compact cars, told NNA on Friday.
Details about schedule and models for production have yet to be finalized, he added.
Toyota plans to manufacture the approved vehicles at its existing Gateway plant in the eastern province of Chachoengsao.
In its strategy released in 2017, Toyota aims to sell more than 1 million electric vehicles and fuel-cell vehicles by 2030 globally.
The Board of Investment introduced its tax privilege scheme for electric vehicles and plug-in hybrids in March 2017 to promote investment in such green cars. Besides Toyota, Mazda Motor Corp., Nissan Motor Co. and Mitsubishi Motors Corp. among other Japanese automakers have also applied for the scheme. (NNA/Kyodo)