Toyota Motor, a Japanese multinational automotive manufacturer, is considering an investment of approximately $550 Million in Didi Chuxing, a Chinese ride-hailing giant, according to Nikkei business daily. Nikkei added that Japan’s top automaker is also intending to set up a novel mobility-services firm in China. Kensuke Ko, Spokesman, Toyota, said by phone that the firm continues to assess its business strategy from a worldwide perspective in regions of autonomous, connectivity, electrification, and sharing to meet the upcoming needs of customers. He added that at the present time the firm has nothing to reveal.
In an earlier time, the automotive manufacturer from Japan was engaged in big investments. Reports highlighted that these investments were focused on other ride-hailing firms such as Grab and Uber as established automakers race to join forces with disruptive tech firms.
On a similar note, Toyota Motor is currently busy in constructing its foremost assembly factory in Myanmar, according to several sources including from the firm. This move by the firm is supposed to make inroads into the Southeast Asian nation’s small but rapidly growing new-vehicle market. Toyota’s move comes after Myanmar’s Government increases hurdles to imports in an attempt to upsurge the regional auto industry. This shift by the firm is estimated to prompt additional auto parts suppliers to show their investments in the country.
The factory is supposed to be situated in the Thilawa Special Economic Zone, which is outside Yangon. Initially, this plant is intended to manufacture up to approximately 10,000 pickup trucks per year. Toyota’s preliminary investment is estimated in the tens of millions of dollars. The authorized announcement by the firm is anticipated by the end of this month. The automaker’s latest strategy offers a boost for the government of genuine leader Aung San Suu Kyi, as foreign speculation is seen dawdling since her party took power in 2016.