Isuzu Motors plans to release an electric pickup truck in Thailand and elsewhere as early as 2025, aiming to hold on to its high market share in the Southeast Asian country as Chinese automakers take the lead in cultivating electric-vehicle demand.
Pickups account for about half of the Japanese automaker’s global sales in unit terms, and this will be its first electric version.
The truck will be based on the company’s D-Max model and made in Thailand for a 2025 launch in Norway, where emissions regulations are being tightened. Isuzu will then bring it to Thailand, one of the company’s biggest markets.
Isuzu controls around half of Thailand’s market for pickups, a category that accounts for more than 40% of the country’s auto sales.
The automaker laid out plans in 2021 to release carbon-neutral light-, medium- and heavy-duty trucks and pickups by 2030. The new model will be its second electric truck, following a light-duty truck announced earlier this year.
EVs sales in Thailand reached 5,014 units in July, accounting for about 8% of new-auto sales, according to research firm MarkLines. The pace is likely to accelerate, thanks to such government policies as subsidies on vehicles produced locally.
Chinese manufacturers are boosting their presence in the country. Industry leader BYD, which is building an EV plant in Rayong province in the east, accounts for 30% or so of EV sales in Thailand.
State-owned Changan Automobile will invest 9.8 billion baht ($279 million) in an EV plant, while SAIC Group and Great Wall Motor also plan to produce locally.
The Chinese manufacturers do not yet have electric pickups on the market but are considering adding models in the future.
Toyota Motor, meanwhile, also plans to bring EV pickup trucks to Thailand in 2023. Isuzu is rushing to release its new model to maintain its market share.
At the same time, the automaker sees it taking time until Thailand’s EV infrastructure, including charging facilities, is ready. It looks to meet demand in the meantime by developing a wide range of vehicle types, including hybrid and plug-in hybrid pickups.
The global pickup truck market is expected to grow from 238.6 billion in 2028, according to research firm Global Information. Ford Motor sells an electric pickup, with Tesla planning to start mass production in the second half.
As competition heats up, Isuzu also plans to bring its EV pickup to the rest of Europe and the Middle East.