In spite of the Thai floods that severely impacted supply chains and cut vehicle inventories in a host of markets, Toyota has plans to invest $287 million in its operation in the country amid predictions that the local auto market will grow rapidly this year.
Kyoichi Tanada, president of the Toyota’s Thailand unit, stated that the automaker expects sales in the country to increase 38.5 percent to 1.1 million vehicles in 2012, according to an Automotive News report.
“There is still very high demand in Thailand’s automotive market and the demand is likely to increase in 2012,” Tanada said.
The investments will go build a new factory in the Chachoengsao province and restart a production line at the Thai Auto Works plant. The combined production capacity of the two facilities will be 88,000 units when the Chachoengsao factory comes online in July 2013.
“We won’t move anywhere. I’ll let the Thai government work with JICA (the Japan International Cooperation Agency) to solve the flood problems. I’m full of hope and confidence for both,” Tanada said.
