Toyota Partners With Thailand Government, Eyeing Pick-up Trucks & Eco-Cars: Report

Toyota Motor Corporation TM will reportedly team up with the Thailand government to boost the country's electric vehicle (EV) industry, Prime Minister Srettha Thavisin said after a discussion with the automakers' executives.

"Toyota said it sees the potential of Thailand's auto manufacturing industry especially in pick-up trucks and eco-cars," according to a news report by Reuters that cited a government statement on Thursday.

The news emerges alongside Toyota's strategy to test its inaugural EV pick-up truck in Thailand, aiming to escalate EV market presence in the face of intensifying competition from Chinese contenders.

Also Read: Toyota's Strategic Scale-Back! Lowers Output At Chinese JV To Navigate Challenging Market: Report

Additionally, on Thursday, the Thai government introduced a three-year tax incentive for automakers that invest in automation and robotics, the report noted. 

This move follows the recent reduction of consumer subsidies for EV purchases last week, it added.

By 2030, Thailand has set a goal to transform one-third of its annual vehicle production, totaling 2.5 million vehicles, into electric vehicles (EVs), Reuters said.

On November 8, around 150 cities from 46 countries around the world entered the $9 million Toyota Mobility Foundation Sustainable Cities Challenge.

The shortlist includes cities in Brazil, Colombia, India, Italy, Malaysia, Mexico, the U.K., and the U.S.

The challenge aims to help cities improve access to opportunities, apply data-driven approaches for more resilient transport systems, and reduce carbon.

Price Action: TM shares are trading higher by 1.17% in the premarket to $185.56 on the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.