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| Toyota will produce the Hilux locally in Myanmar where the automotive market is expected to expand |
Toyota City, Japan, May 30, 2019 - (JCN Newswire) - Toyota Motor Corporation has decided to establish Toyota Myanmar Co., Ltd., (TMY) as its first vehicle production company in Myanmar where it will locally produce the Hilux from February 2021.
The automotive market in Myanmar, in accordance with the growth of the economy, the demand for new vehicles has soared in recent years (2018 market: approx. 18,000 units, 2.1 times more than the previous year). Toyota currently sells the Hilux, Vios, Rush, and other vehicles in Myanmar by relying on imports, but will establish TMY in June 2019 and promote initiatives that will allow even more customers to choose Toyota vehicles, in preparation for a market that promises to continue expanding steadily.
Toyota plans to construct the new TMY plant in the Thilawa Special Economic Zone, situated in the southern suburbs of Yangon city, the country's largest metropolis. Investment is expected to be approx. 52.6 million USD. Toyota plans to hire approx. 130 new employees, and intends to build approx. 2,500 Hilux vehicles per year using the SKD (semi knock-down) method when operations begin in 2021.
Toyota will strive to provide products and services that continue to meet the needs of customers in Myanmar, and develop human resources for manufacturing through local production, to contribute to the development of industries in Myanmar.
ReferenceOverview of Toyota Myanmar Co., Ltd. (TMY)
Location: Thilawa Special Economic Zone, Republic of the Union of Myanmar
Equity participation: Toyota Motor Corporation 85%
Toyota Tsusho Corporation: 15%
Date of establishment: June 2019 (planned)
Executives: Managing DirectorYoshihisa Tonozuka
Production capacity: 2,500 units per year (one shift)
Production models: Hilux
Start of production: February 2021
Employees: Approximately 130
Contact:
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
Tel: +81-3-3817-9926
Topic: Press release summary
Source: Toyota Motor Corporation
Sectors: Automotive
https://www.acnnewswire.com
From the Asia Corporate News Network
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