Japanese multinational automobile manufacturer Toyota continues to maintain its presence in Thailand and decarbonisation efforts by releasing electric vehicles tailor made for the emerging market.
Japanese automaker Toyota Motor will be adding an electric vehicle (EV) to its lineup of strategic models targeting Thailand and other emerging economies.
Adding to the multinational car manufacturer’s multi-pronged approach to decarbonisation, Toyota has unveiled an electric pickup truck prototype under its Innovative International Multi-purpose Vehicle (IMV) project, a strategy to produce and sell affordable vehicles tailored to the needs of emerging economies.
The new EV is designed to “support carbon neutrality and a better environment for all,” according to Akio Toyoda, the president of Toyota Motor Thailand.
The electric truck will initially be produced and sold in Thailand, after which Toyota will consider releasing it across Southeast Asia and beyond.
The IMV project launched in 2004 with all of its models running on internal combustion engines, making the newly released model the first of its kind.
Akio added, “At Toyota we believe in creating a full portfolio of carbon-reducing choices for our customers.”
The company also will also be partnering with leading Thai conglomerate Charoen Pokphand Group to explore the potential of hydrogen fuel. Due to infrastructure constraints in emerging economies, many are heavily reliant on fossil fuels,.Toyota does not project EVs cutting carbon dioxide emissions much more than hybrids.
The Thai government themselves, is looking to have EVs account for 30% of domestic auto production by 2030. Policymakers have rolled out a package of financial subsidies and tax incentives to encourage automakers to align with this goal.
Toyota already leads
Toyota leads the Thai new-auto market, with a roughly 30% share, with Japanese automakers collectively making up almost 90%.
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