Myanmar plant to assemble Toyota Hiluxes

The Japanese auto giant plans to establish its Myanmar unit for vehicle production Toyota Myanmar Co in June and construct a new plant in the Thilawa Special Economic Zone in the southern suburbs of Yangon at a cost of $52.6 million.

Toyota will hire about 130 employees to build some 2,500 units of Hilux pickup trucks annually amid strong demand for new vehicles on the back of the country’s rapid economic growth.

“Toyota will strive to provide products and services that continue to meet the needs of customers in Myanmar,” the Japanese automaker said in a statement on Thursday.

In Myanmar, one of the emerging Southeast Asian economies with a population of around 53 million, new vehicle sales more than doubled to 17,500 units in 2018 from the previous year, according to the Automotive Association of Myanmar.

Toyota, which has been exporting finished cars to Myanmar, said it has decided to launch local production amid expectations for further expansion in the country’s auto market.

Tighter import restrictions on used cars have led to increased demand for new vehicles in the Southeast Asian nation.

Duties and caps on imported cars in Myanmar also prompted Toyota to locally make its vehicles, according to sources familiar with the matter.

Source: BangkokPost

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