Thailand Wednesday approved granting tax privileges to automobile-makers Mitsubishi, Toyota and Tata to invest a combined 16.6 billion baht (536 million dollars) to produce more than 300,000 eco-cars for the domestic and export markets.
Thailand’s Board of Investment (BoI) Secretary General Sathit Chanchouwakul said the three companies would be ready to begin operations within two to four years.
Volkswagen, which has also submitted a proposal to produce eco-cars in Thailand, was not included among the approvals granted by BoI Wednesday.
The Mitsubishi project promised to invest 4.7 billion baht to produce 107,000 eco-cars in Thailand, 88 per cent for export, while Toyota will invest 4.6 billion baht to make 100,000 units by 2012, 50 per cent for export, and India’s Tata Motor has pledged to invest 7.3 billion baht to make 100,000 units by 2010, of which 52 per cent will be exported.
