06 February 2013 09:23 [Source: ICIS news]
SINGAPORE (ICIS)--Honda plans to invest about baht (Bt) 17.2bn ($578m) to build a new automobile production facility with an annual capacity of 120,000 units in Thailand, the Japanese carmaker said on Wednesday.
The plant to be located at the company’s newly acquired site in Prachinburi province is expected to start operations in 2015, Honda said in a statement.
The investment will be made through Honda Automobile (Thailand) Co Ltd (HATC), which intends to primarily produce small and sub-compact sized vehicles at the plant.
At its existing manufacturing site in Ayutthaya province, HATC plans to further increase its production capacity to 300,000 units in 2014. Following upgrades of existing facilities and equipment, the plant’s capacity was raised to 280,000 units in end-January this year from 240,000 previously, Honda said.
By 2015, the Japanese carmaker’s annual production capacity in Thailand would total 420,000 units, the company said.
“Envisioning continuous growth of the small car market in Thailand and exports to ASEAN [Association of southeast Asian Nations], Oceania, the Middle & Near East, Africa and Caribbean countries, HATC will increase its production capacity while also enhancing its product line-up,” Honda said.
($1 = Bt29.75)
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