Toyota to Build Assembly Plant in Myanmar
Nagoya, May 30 (Jiji Press)--Toyota Motor Corp. <7203> said Thursday it will spend some 52.6 million dollars to build a vehicle assembly plant in Myanmar, its first in the Southeast Asian country.
The Japanese auto giant hopes that the start of local production will help boost its vehicle sales in Myanmar, where demand is expected to grow steadily.
The new plant will assemble the Hilux pickup truck at an annual pace of some 2,500 units, starting in February 2021.
The plant will be built in the Thilawa special economic zone near Yangon, the largest city in Myanmar. Construction is set to start by the end of this year.
Toyota plans to set up a new company in June to operate the plant with a staff of some 130. The company will be 85 pct owned by Toyota and the remaining 15 pct by Toyota Tsusho Corp. <8015>, a trading arm of the Toyota group.
[Copyright The Jiji Press, Ltd.]