Toyota said it plans to invest THB10bn (US$320m) annually in its Thai operations in the next few years to bring on line new vehicle models including electric and hybrid vehicles, according to local reports.

The company confirmed the planned investments in a meeting with Thai Deputy Prime Minister Somkid Jatusripitak this week, saying the new models will be produced for sale both in Thailand and for export.

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The Japanese automaker plans to produce an initial 7,000 plug-in hybrid vehicles annually in Thailand from 2022 and is also scheduled to begin production of electric vehicle (EV) from 2023, along with related components such as doors, front-ends and axles.

The company also plans to produce some 70,000 EV battery packs per year, including for export to the group's overseas vehicle assembly plants, and will also invest in recycling facilities for the batteries.

The company sold 310,800 vehicles in Thailand in 2018, up from 239,600 units in 2017, while production is estimated at just under 600,000 units.