A Toyota EV at an exhibition in Bangkok (source: CNA)

Hanoi – The Thai Government announced on December 25 that four major Japanese automakers will invest 150 billion THB (4.34 billion USD) in Thailand over the next five years.

They are Toyota Motor Corp., Honda Motor Co., Isuzu Motors Ltd. and Mitsubishi Motors Corp.

According to the government’s spokesperson, Toyota Motor and Honda Motor will invest 50 billion THB each, while Isuzu Motors will pour 30 billion THB and Mitsubishi Motors 20 billion THB, adding this would include the production of electric pickup trucks in the next 2-3 years.

The announcement was made following discussions between Thai Prime Minister Srettha Thavisin and several Japanese automakers during his visit to the country this month, during which he discussed tax incentives aimed at supporting electric car manufacturers in Thailand.