Toyota is planning to invest US$52.6 million to build an assembly plant in Thilawa Special Economic Zone to manufacture 2,500 Hilux pick-up trucks through semi-knockdown (SKD) production annually starting from 2021, according to Toyota Motor Corporation.

Toyota Motor Corporation founded Toyota Myanmar Co. Ltd. (TMY) to manufacture the pick-up trucks for local market.

The demand for new cars in local market had increased significantly in recent years due to the development of the economy. Toyota imported and sold Hilux, Vios, Rush and other car models in Myanmar and now plans to expand their business in Myanmar by founding the TMY.

The car assembly plant will be built in Thilawa SEZ, south of Yangon and it will require about 130 staffs to run. The plant is expected to function fully in 2021.

Toyota will try to introduce new products and services to meet the demand in Myanmar market, to help to develop Myanmar industrial sector and to assist technical aid to develop skilled workers through production of Toyota cars.

Toyota Motor Corporation owned 85 per cent of shares in the TMY and the rest is occupied by Toyota Tsusho Corporation.