Multiple major Japanese car manufacturers are planning to invest a total of $4.34 billion in Thailand over the next five years, a Thai government spokesperson said December 25.

According to Reuters, Toyota and Honda will each invest about $1.44 billion in the country, while Isuzu Motors and Mitsubishi will combine to invest the remaining $1.44 billion, said spokesperson Chai Wacharoke.

Wacharoke added that the investment will support the Thai government’s policy emphasizing a transition from combustion engines to electric vehicles.The investment is also expected to include the production of electric pickup trucks.

Toyota, Honda, Isuzu and Mitsubishi did not immediately respond to a request for comment from Reuters.

Thailand is looking to convert roughly 33% of its annual production of 2.5 million vehicles to EVs by 2030 and is preparing an incentive program that would encourage further investment and conversion in the country.

Some of the country’s tax cuts have already drawn the attention of Chinese carmakers, including BYD and Great Wall Motor, who have already promised to invest $1.44 billion to build new production facilities in Thailand.

The announcement comes about a week after Thailand’s Prime Minister Srettha Thavisin concluded a trip to Japan, Southeast Asia’s second-biggest economy and the largest producer and exporter of vehicles in the region.