Toyota to establish new production plant in Myanmar
Toyota Motor Corporation has announced that it will establish a new vehicle production plant in Myanmar, which will be operated by local company Toyota Myanmar Co Ltd (TMY). The decision to set up such a facility comes as the Japanese carmaker anticipates the market in Myanmar to continue expanding steadily.
In 2018, approximately 18,0000 Toyota vehicles were sold in the country, which is 2.1 times more than in 2017. Currently, Toyota Myanmar sells the Hilux, Hiace (Commuter and panel van), Avanza, Innova, Camry, Corolla, Vios, Fortuner, Land Cruiser 200 and Rush, all being fully imported models.
The TMY-operated plant will be constructed in the Thilawa Special Economic Zone, located in the southern suburbs of Yangon city, at an investment of about USD52.6 million. Toyota will hold an 85% stake in TMY, while the remaining 15% will go to its trading arm, Toyota Tsusho Corporation.
When ready, the plant, which will be staffed by 130 employees, is slated to begin operations in February 2021, producing around 2,500 Hilux vehicles per year on a single shift using the semi knocked-down (SKD) method.
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