Toyota HEV projects in Thailand's EEC approved by BOI

BANGKOK, August 4 (TNA) - The Board of Investment of Thailand (BOI) has approved Japan-based Toyota Corporation's new hybrid electric vehicles (HEV) projects, totally worth about 19.02 billion baht, in the country's Eastern Economic Corridor (EEC). Thai Industry Minister Uttama Savanayana announced Toyota's new investment projects while opening the "Toyota Expo, the future is here" event in Bangkok on August 3. The Thai minister lauded Toyota as a good example of global car makers that have steadily developed innovative vehicles and parts for the future, which is in line with the government-supported Thailand 4.0 policy. The minister noted that other global car makers are also seeking similar BOI approvals of their new HEV projects in Thailand. Meanwhile, Ninnart Chaithirapinyo, Chairman of Toyota Motor Thailand Co., Ltd, said that his company's new HEV projects will be launched at the Gateway City Industrial Estate in the eastern Chachoengsao Province, which is part of Thailand's EEC Project. Ninnart revealed that his company's new projects include the production of Toyota HEV at the capacity of 70,000 units annually, as well as the production of about 70,000 HEV batteries and other 9.1 million HEV parts yearly, like doors, bumpers, front/rear axles, with a planned use of Thai materials totally worth 13.31 billion baht annually. The chair of Toyota Motor Thailand foresaw that HEV should account for up to 80 per cent of overall vehicles running in streets over the next decade. (TNA)