Toyota asks for government support

Toyota Motor Thailand Co. Ltd. has called for the Thai government to support hybrid cars and other environmentally friendly vehicles and also asked that tax incentives be implemented to encourage local production. Toyota Thailand’s pleas included an excise duty cut on hybrid vehicles with engines above 3,000 cc. The lowering of the tax from 50% to 30% would allow the production of large petrol-electric or hybrid vehicles to grow, government spokesman Panithan Wattanayakorn said. The government was also asked to stimulate the market by supporting auto loan financing via state banks, as commercial banks have become more wary about extending car loans to consumers. (January 28, 2009)