Toyota Motor Corp TM reportedly plans to commence mass production of an electric Hilux pickup truck by the end of 2025, as affirmed by Noriaki Yamashita, the president of Toyota Thailand.
The move follows Isuzu Motors’ ISUZY recent declaration to manufacture its battery-powered D-MAX pickup in Thailand by 2025, reported Reuters.
Thailand, recognized as a pivotal automaking hub, sees the production of various vehicles, notably pickup trucks, for both domestic consumption and international markets.
Amidst growing momentum toward electric vehicle adoption, spearheaded by Chinese brands like BYD Company BYDDY, state-owned Changan Automobile, and Great Wall Motors, significant investments totaling $1.44 billion have been injected into Southeast Asia’s second-largest economy, as per the report.
With Japanese automakers like Nissan Motor Co Ltd NSANY and Honda Motor Co Ltd HMC dominating the landscape, Toyota aims to assert its leadership further, targeting to sell 250,000 vehicles in Thailand this year.
The report further noted Toyota’s forthcoming trials of a dozen battery Hilux pickup trucks slated for public transportation trials in Pattaya, eastern Thailand, next month.
Price Action: TM shares are trading higher by 0.77% at $254.37 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
