From Investing.com:



Major Japanese auto manufacturers, including Toyota, Honda, Isuzu, and Mitsubishi, are set to invest 150 billion baht ($4.34 billion) in Thailand over the next five years. This investment will support Thailand’s transition to making electric vehicles, with the production of electric pickup trucks included. The investment by the Japanese automakers will support the government’s policy of transitioning from combustion engine vehicles to EVs, and Thailand is aiming to convert about a third of its annual production of 2.5 million vehicles into EVs by 2030. Tax cuts and subsidies rolled out by Thailand have already drawn a raft of Chinese carmakers to invest in new production facilities in the country, and the government is also seeking potential investment from U.S. EV maker Tesla. This investment by the Japanese auto manufacturers highlights the country’s importance in the auto sector and its potential as a hub for EV production, despite increasing investments from Chinese manufacturers.



Original: Japan automakers to invest $4.3 billion in Thailand over 5 years -Thai govt By Reuters