On Monday, a Thai government spokesperson announced a deal which will see major Japanese auto manufacturers invest as much as 150 million baht ($4.34 billion) over the five years in Thailand, in support of the Southeast Asian nation’s transition to manufacturing electric vehicles.

Under the deal, both Toyota Motor and Honda Motor will invest roughly 50 million baht each, Isuzu Motors will invest 30 billion baht, and Mitsubishi Motors will contribute 20 billion baht, according to the statement by Thai spokesperson Chai Wacharoke. He added this would include support for the manufacture of electric pickup trucks.

Last week Thai Prime Minister Srettha Thavisin had concluded a trip to Japan.

As the second largest economy in Southeast Asia, Thailand is the biggest manufacturer and exporter of cars in the region. For decades the dominant players in the Thai auto sector were the Japanese manufacturers, however recently the Chinese manufacturers of Electric Vehicles have been making large investments.

Chai said the Japanese automakers’ investments will be used to support the government’s planned transition from the manufacture of internal combustion engine vehicles, to Electric Vehicles.

There were no immediate comments from Toyota, Honda, Isuzu, or Mitsubishi in response to media enquiries.

It is the goal of the Thai government to transition roughly one third of the nation’s annual production of 2.5 million vehicles to EVs by 2030, and in is developing additional incentives which will encourage more investment in, and conversion to EV manufacturing by automakers.

Already, a swath of the Chinese auto sector, including manufacturers like BYD, and Great Wall Motor, have been lured in by subsidies and tax cuts which were offered by the Thai government, leading them to commit to invest $1.44 billion in new production facilities in the nation.

This month, Sretha gave executives from US automaker Tesla Motors a tour through industrial estates, seeking further potential investments.