Toyota Motor plans to increase annual production at its engine production base in Thailand, from 740,000 units to 840,000 units until 2014, to meet rising demand in the ASEAN region.
The increase consists in about 100,000 units per year of the “ZR” engine used in the “Corolla” series, an additional investment of about 14 billion yen and 200 new jobs. The engines will be produced to supply the domestic market and to be exported to Vietnam and Taiwan as well.
Toyota also plans to increase Thai sales by 55.1% in 2012, after an 11% fall in 2011, and this could lift the company’s market share in this country from 36.5% in 2011 to 40.9% this year. Toyota Motor Thailand could see a sales increase of 38.5% in 2012 and a demand for vehicles to 1.1 million.
Since the income levels among some of the largest and smallest countries continue to grow, so is the demand for vehicles in Asia. Last year’s devastating earthquake and tsunami in Japan also boosted demand for both new and used cars as a large portion of countries vehicle population was damaged.