fbpx

Toyota to build new plant in Myanmar

Toyota Motor Corporation will be building its first vehicle production company in Myanmar where it will locally produce the Hilux from February 2021. The announcement comes after other carmakers like Suzuki, Nissan and Ford established factories in the country. The automotive market in Myanmar has soared in accordance with the growth of the economy.

The demand for new vehicles has soared in recent years (2018 market: approx. 18,000 units) more than twice the size compared to the previous year. The government introduced auto import restrictions in 2017, and a fall in prices has seen the auto market grow, with many new vehicles built locally. Toyota currently sells the Hilux, Vios, Rush, and other vehicles in Myanmar by relying on imports.

Toyota plans to construct the new plant in the Thilawa Special Economic Zone, situated in the southern suburbs of Yangon city. The company is expected to investment approximately $52.6 million. Toyota plans to hire 130 new employees, and intends to build 2,500 Hilux vehicles per year using the SKD (semi knock-down) method when operations begin in 2021. The brand is already popular in the country, though most of its cars on the road are second-hand models.

Source: Retail News Asia

To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar