Mazda Motor Corp plans to invest 5 billion baht ($150 million) in Thailand to produce electric compact sport utility vehicles (SUVs), Thailand's Board of Investment (BOI) said on Thursday.
The "investment is to support domestic sales and exports to Japan and other countries, such as Asean countries, targeting a production of 100,000 units per year," the BOI said, quoting Mazda President Moro Masahiro.
According to industry experts, electric vehicle (EV) sales in Thailand, Southeast Asia's largest EV market, are forecast to jump 40% this year, exceeding 100,000 units and reversing a 8% drop in sales last year.
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