Toyota to establish assembly plant in Myanmar

Toyota Motor Corporation (Toyota) will establish Toyota Myanmar Co Ltd (TMY) as its first vehicle production company in Myanmar. The plant will be at Thilawa Special Economic Zone in Yangon. Expected Investment amount is approximately US$52.6 million and It aims to assemble around 2500 Hilux vehicles using the semi knock-down (SKD) method and will hire around 130 employees. Toyota will hold an 85% stake in TMY, while its trading arm, Toyota Tsusho Corporation will hold the remaining 15%. Currently, Toyota is selling the Hilux, Vios, Rush, and other vehicles in Myanmar by relying on imports. Toyota will locally produce the Hilux from February 2021. According to Toyota in its announcement, it will promote initiatives that will allow even more customers to choose Toyota vehicles, in preparation for a market that promises to continue expanding steadily, in accordance with the growth of the economy. In 2018, more than 18000 new vehicles were sold in Myanmar, which is 2.1 times more than the previous year’s, Toyota said.

Reference - myanmartimes