NOVEMBERASIA BUSINESS OUTLOOK9NEWSROOMTOYOTA TO ACQUIRE SUZUKI'S FIRST EV AS PARTNERSHIP GROWSThailand's economy is expected to grow 3 per cent in 2025, supported by private consumption, exports, investment and tourism, the finance ministry said on Thursday.Southeast Asia's second-largest economy is seen growing 2.7 per cent this year, said the ministry, maintaining a previous forecast.Growth was 1.9 per cent last year, lagging regional peers.Thailand expects 36 million foreign tourist arrivals this year and 39 million foreign tourists in 2025, the ministry said.Exports this year were seen growing 2.9 percent, stronger than a previous forecast of 2.7 percent. Exports in 2025 are expected to grow 3.1 percent, the ministry said. In a statement, the Japanese manufacturer Suzuki Motor said that its Indian division planned to supply Toyota Motor with its first-ever electric vehicle, representing their first partnership on green vehicles.Maruti Suzuki, which is mainly owned by Suzuki Motor, plans to begin producing the EV in the spring of 2025 at its Gujarat plant in western India.According to the statement, Suzuki, Toyota, and Daihatsu Motor collaborated to build the EV.Toyota President Koji Sato said, "We would like to learn from each other's strengths, compete, and further joint efforts based on a multi-pathway approach." Additionally, Suzuki would like to invest more than $1 million in India, its largest market outside of Japan, strengthening India as an EV powerhouse.With a range of 500 kilometers (311 miles), the sport utility vehicle EV will be fueled by a 60-kilowatt-hour battery. Last year, an electric vehicle concept appeared at the Indian car show.Sources claim that the largest manufacturer in the world plans to introduce ten battery-powered vehicles by 2026, including the new model. Other than the Gujarat factory, no plans exist to develop the EV elsewhere.Earlier in the year, Toyota said that it sold about 108,000 battery-powered electric cars globally in the first nine months, which accounted for 1.5 percent of its total sales during that time, including sales under its luxury Lexus brand. THAILAND ECONOMY ESTIMATED TO GROW BY 3 PERCENT IN 2025
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