- The approval from the Board of Investment (BoI) became effective from 7th January
- Toyota plans to manufacture the approved vehicles at its existing Gateway plant in the eastern province of Chachoengsao
According to a report by Bangkokpost, Toyota Motor Corp has obtained official approval to produce electric vehicles and plug-in hybrids in Thailand. This a part of its policy to globally expand EV sales.
The report said that the approval from the Board of Investment (BoI) became effective from 7th January. Toyota will have to initiate production within three years to get benefits from the country’s tax privileges said the report. This includes corporate income tax exemption as well.
Sell more than one million electric vehicles and fuel-cell vehicles by 2030 globally
According to the report, a spokesman for Toyota Daihatsu Engineering & Manufacturing Co, Toyota’s Thai arm for compact cars said that it will examine steps in line with the terms of the privileges. He added that the details about the schedule and models for production were yet to be finalised.
The report said that Toyota plans to manufacture the approved vehicles at its existing Gateway plant in the eastern province of Chachoengsao. Toyota aimed to sell more than one million electric vehicles and fuel-cell vehicles by 2030 globally in its strategy released in 2017.
