2-11-2023 (BANGKOK) Toyota is set to conduct trials of a new electric pickup truck in Thailand, as part of its strategy to boost electric vehicle (EV) sales in a market facing increasing competition from Chinese rivals.
Chinese EV manufacturers have been rapidly gaining market share in Thailand and have pledged significant investments, totaling approximately $1.5 billion, for new manufacturing facilities. This expansion is in line with their efforts to venture into overseas markets amid a slowdown in domestic sales.
Pras Ganesh, the executive vice-president of Toyota Daihatsu Engineering & Manufacturing, revealed that Toyota’s engineers are actively working to adapt their electric pickups to suit local conditions. Additionally, they are focused on enhancing EV research and development capabilities in Thailand, which is one of the company’s five global research and development centers.
Although Toyota unveiled an electric version of its popular HiLux pickup last year, it has not yet disclosed the commencement date for commercial sales. This launch in Thailand signifies Toyota’s latest attempt to counter the growing competition from Chinese manufacturers in the country. The initial sales of its bz4X electric SUV last year were overshadowed by Chinese rivals like BYD and Great Wall Motor.
In Thailand, pickup trucks play a crucial role in the auto market, accounting for nearly 50% of all vehicle sales in the previous year. According to research firm MarkLines, Toyota held a 39% market share in the one-ton pickup segment during the first nine months of this year, trailing market leader Isuzu with 46%.
In all automotive segments in Thailand, Toyota maintains a leading position with 34% of new vehicle sales.
Pras Ganesh revealed that a limited batch of battery EV pickups will be trialed in Pattaya early next year, with a focus on testing their suitability as “songtaews,” a common modification for use as taxis. He stated, “We will first start looking at public transit,” and added that Toyota is also considering testing other EV pickups for applications like last-mile delivery services.
EVs are gaining significant momentum in Thailand, where they are projected to account for just under 9% of total vehicle sales in the current year, according to research firm BMI.
Over the past decade, Toyota and its group companies have invested nearly $7 billion in Thailand. In July, Toyota hinted at the possibility of manufacturing EVs in the country. However, for the fiscal year ending in March 2024, Toyota has reduced its global battery EV sales forecast by 39%, partially due to limitations in vehicle lineups.
