Toyota Motor Corporation has announced plans to set up Toyota Myanmar Co., Ltd., (TMY) as its first vehicle production company in Myanmar where it will locally produce the Hilux SUV from February 2021.
Toyota currently sells the Hilux, Vios, Rush and other vehicles in Myanmar by relying on imports but will establish Toyota Myanmar in June 2019 and promote initiatives that will allow more customers to choose Toyota vehicles, in preparation for a market that promises to continue expanding steadily.
The automotive market in Myanmar, in accordance with the growth of the economy, saw sales grow to 18,000 units in CY2018 , a 100 percent jump on the previous year albeit on a low base.
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 approximately US$ 52.6 million (Rs 392 crore). Toyota plans to hire around 130 new employees, and intends to build approximately 2,500 Hilux vehicles per year using the SKD (semi-knocked-down) method when operations begin in 2021.
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