Hanoi (VNA) – The Thai government has agreed with Toyota Motor Corp.’s plan to produce electric vehicles and plug-in hybrids in Thailand.

With approval from the Thai government's Board of Investment, effective on January 7, Toyota will have to initiate production within three years to benefit from the country's tax privileges, including corporate income tax exemption, although no penalties will be imposed for abandoning the plan, Kyodo news reported.

However, details about schedule and models for production have yet to be finalised.

In its strategy released in 2017, Toyota aims to sell more than 1 million electric vehicles and fuel-cell vehicles by 2030 globally.

The Board of Investment introduced its tax privilege scheme for electric vehicles and plug-in hybrids in March 2017 to promote investment in such green cars. Besides Toyota, Mazda Motor Corp., Nissan Motor Co. and Mitsubishi Motors Corp. among other Japanese automakers have also applied for the scheme./.