Toyota Motor Corporation (Toyota) has decided to establish Toyota Myanmar Co., Ltd., (TMY) as its first vehicle production company in Myanmar where it will locally produce the Hilux from February 2021.
The automotive market in Myanmar, in accordance with the growth of the economy, the demand for new vehicles has soared in recent years (2018 market: approx. 18,000 units, 2.1 times more than the previous year). Toyota currently sells the Hilux, Vios, Rush, and other vehicles in Myanmar by relying on imports, but will establish TMY in June 2019 and promote initiatives that will allow even more customers to choose Toyota vehicles, in preparation for a market that promises to continue expanding steadily.
Toyota plans to construct the new TMY plant in the Thilawa Special Economic Zone, situated in the southern suburbs of Yangon city, the country's largest metropolis. Investment is expected to be approx. 52.6 million USD. Toyota plans to hire approximately 130 new employees, and intends to build approx. 2,500 Hilux vehicles per year using the SKD (semi knock-down) method when operations begin in 2021.
Toyota will strive to provide products and services that continue to meet the needs of customers in Myanmar, and develop human resources for manufacturing through local production, to contribute to the development of industries in Myanmar.