Toyota Motor Corporation has announced plans to invest 55 billion baht (approximately $1.5 billion) in Thailand to expand hybrid vehicle production, according to Industry Minister Akanat Promphan. The investment will retool production lines to accommodate both internal combustion engines and battery-powered electric motors, underscoring the automaker’s hybrid-focused strategy.
The announcement followed a meeting between Toyota Chairman Akio Toyoda and Thai Prime Minister Paetongtarn Shinawatra at Government House on December 18, 2024. During the discussion, the prime minister expressed Thailand’s readiness to align its policies with the needs of the automotive sector, including promoting sustainable growth in the electric vehicle (EV) industry and fostering confidence among Japanese manufacturers and local businesses.
Mr. Toyoda praised the quality of Thai-made automotive parts, stating they match Japan’s manufacturing standards. Toyota, which has been operating in Thailand for over 60 years, considers the country a key production hub. The planned investment is expected to drive job creation, technology transfer, and workforce development.
Toyota has faced criticism for its slower adoption of fully electric vehicles but has achieved financial success with its hybrid strategy. In the fiscal year ending March 31, 2024, the automaker sold a record 10.3 million vehicles worldwide, with hybrids accounting for 3.5 million units—a 31% increase from the previous year.
