Mazda Invests $150 Million in Thailand for Electric SUV Production
Mazda Motor Corp. announced plans to invest 5 billion baht ($150 million) in Thailand for the production of electric compact sport utility vehicles (SUVs), according to the Thailand Board of Investment (BOI).
The investment aims to support domestic sales and exports to Japan and other countries, particularly in Southeast Asia, with a targeted production of 100,000 units annually. The announcement was made by Mazda President Moro Masahiro.
This investment comes during a period of decline in Thailand's automotive industry, with production reaching a four-year low in 2024. Domestic auto sales fell by 26.2% in the same year due to tightening credit conditions at financial institutions and rising household debt.
Despite these challenges, Thailand remains a major automotive production hub in Southeast Asia and an export base for prominent car manufacturers like Toyota and Honda. In recent years, the government's tax incentives and consumer subsidies have attracted investments from Chinese EV manufacturers such as BYD and Great Wall Motor, who have invested over 102.7 billion baht ($3 billion) in production facilities.