Japan's top automaker Toyota Motor will invest $485 million to build a third factory in Thailand to meet demand for its multi-purpose IMV vehicles for the global market, a report said on Monday.
Toyota is now selecting the factory site near Bangkok to start construction work by the end of this year, the Nihon Keizai Shimbun said without citing sources.
Toyota plans to spend some 50 billion yen (US $485 million) on the plant to produce 200,000 vehicles a year under the Innovative International Multi-purpose Vehicles or IMV project, the economic daily said.
The new plant will produce mostly pick-ups, it said.
Toyota launched the IMV project last year to make a total of five low-cost models of pick-up trucks, minivans and sports-utility vehicles in Asia, South Africa, Argentina and other areas by using common chassis.
Sales are planned for more than 140 countries.
The company said last August production for the IMV project would exceed 500,000 units in 2006.
But the daily said that given strong demand, production would likely surpass 700,000 units instead of the initial estimate.
{{/usCountry}}But the daily said that given strong demand, production would likely surpass 700,000 units instead of the initial estimate.
{{/usCountry}}No immediate comment on the report was available from Toyota.