Toyota Nezas dealership in Myanmar to begin selling in 2020

Jun 25, 2019

Toyota Nezas dealership in Myanmar to begin selling in 2020

Naypyitaw (Myanmar) June 25: Nezas Holdings, a Toyota Motor Corp dealership, will open a shop in Yangon early next year. It will be the first foray into Myanmar by a Toyota-related car sales group.
A showroom is under construction in Mayangone Township, the northern part of the country's commercial capital, a Nezas spokesman said on Friday.
Nezas and Hinthar Group Holdings Co., a local diversified business group, established Hinthar Nezas Co. to run the outlet. It will sell models imported from Indonesia, Japan and Thailand while providing maintenance services, the spokesman said.
The joint venture is capitalised at US$3.9 million. It is 60 percent owned by Hinthar and 40pc by Nezas, which is based in Utsunomiya, Tochigi Prefecture, north of Tokyo.
Toyota currently sells cars in Myanmar via two authorised dealers, one established by major Japanese trading house Mitsui & Co. and the other by its trading arm Toyota Tsusho Corp.
In the Myanmar new-vehicle sales market, Japan's Suzuki Motor Corp., which began local production in 2013, has a nearly 60pc share, selling 10,330 units last year, while second-placed Toyota sold 3,017 units, according to the Automotive Association of Myanmar.
Toyota announced on May 30 that it will establish Toyota Myanmar Co Ltd (TMY) as its first vehicle production company in Myanmar, where it will locally produce the Hilux from February 2021.
Toyota currently sells the Hilux, Vios, Rush, and other vehicles in Myanmar by relying on imports, but will establish TMY at the Thilawa Special Economic Zone in Yangon in June this year.
Investment is expected to amount to US$52.6 million. It intends to assemble around 2500 Hilux vehicles using the semi knock-down method and will hire around 130 employees.
Toyota will hold an 85 percent stake in TMY, while its trading arm, Toyota Tsusho Corporation will hold the remaining 15pc.
Source: Myanmar Times