Core Viewpoint - Toyota has launched a comprehensive update of its HiLux pickup truck for the first time in 10 years, focusing on expanding sales and production in emerging markets, particularly Thailand, amid fierce competition from Chinese automakers like BYD [2][4]. Group 1: Product Launch and Features - The new HiLux was unveiled on November 10 in Bangkok, Thailand, receiving enthusiastic applause from attendees [4]. - The vehicle has been upgraded based on global user feedback, featuring improved engine performance and interior/exterior design, with fuel efficiency increased by up to 8% compared to the previous model [4]. - The starting price for the diesel version in Thailand is 774,000 Thai Baht (approximately 170,000 RMB), and sales commenced on the same day [4]. - An electric version of the HiLux will also be introduced, with a planned launch in 2024 and commercial production aimed for the end of 2025, offering a range of over 300 kilometers per charge at a starting price of 1,490,000 Thai Baht (approximately 330,000 RMB) [4]. Group 2: Production and Market Strategy - Toyota plans to use its Thailand facility as a base for producing the new HiLux, with production also set to begin in Argentina and South Africa [5]. - The factory in Thailand is the largest for HiLux, with a production target exceeding 300,000 units in 2024, of which approximately 71% will be exported to over 130 countries [5]. - The local procurement rate for parts in Thailand is 95%, which supports higher profit margins due to shared chassis with other models [5]. - The HiLux is part of Toyota's IMV (Innovative International Multi-purpose Vehicle) project, which aims to cater to emerging markets, with the HiLux accounting for nearly 70% of the IMV series sales [5]. Group 3: Market Challenges and Competition - The pickup truck market in Thailand is experiencing a significant decline, with projected sales dropping to 200,000 units in 2024, a 56% decrease from 2022 [8]. - High loan rejection rates for car purchases in Thailand are affecting consumer access to pickups, and similar trends are observed in Indonesia due to declining purchasing power [10]. - Japanese automakers are losing market share in Thailand, with their new car sales dropping to 68% in August, down from around 90% in 2020, while Chinese brands have increased their market share to 23% [10]. - Toyota is enhancing its business strategies in emerging markets, including plans to establish a new factory in India by 2026, emphasizing the importance of localizing sales and production to capture demand from the expanding middle class [10].