Japanese automobiles manufacturer Honda is planning to invest about THB20bn ($671m) in Thailand to establish a new plant and expand an existing plant.
The company intends to spend THB17.15bn ($575m) to build a new plant in Prachin Buri, Thailand that is expected to start production in 2015 with annual capacity of 120,000 units.
The new plant will produce models such as the Civic compact and Accord sedan.
About THB2.91bn ($97.7m) will be invested in the existing Ayutthaya plant to increase its production capacity to 300,000 vehicles per year.
Honda Motor Asia president and chief executive officer Hiroshi Kobayashi said that the company will invest to meet future increases in demand for automobiles based in Thailand, and to meet expected global demand for Honda's small vehicles.
"We will also invest in increasing the capacity of our existing Ayutthaya assembly plant," Kobayashi added.
The company expects to get over 39 million customers across the world by March 2017 under its next mid-term business plan, which includes 25 million motorcycle customers, eight million power-product customers and six million automobile customers.
