Hyundai to Invest $28 Million in Electric Vehicle and Battery Manufacturing Plant in Thailand
According to the Thailand Board of Investment (BOI), automotive giant Hyundai will be establishing an electric vehicle and battery manufacturing facility in the country, with a total investment of 1 billion baht (approximately $28 million).
Hyundai’s new plant is expected to be located in the southeastern region of the capital, Bangkok, and will commence operations in 2026. Thailand’s established supply chain will provide at least one-third of the raw materials and components required by Hyundai for its production. This is a significant advantage for the South Korean automaker in terms of cost reduction and operational efficiency.
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Electrive reports that Hyundai may receive substantial support from the Thai government, including the EV 3.5 incentive package for setting up an electric vehicle factory in the country. Thailand is making strides to become a global hub for electric vehicles. The government aims for electric vehicles to account for 30% of domestic vehicle production by 2030.
According to Counterpoint Research, Thailand currently accounts for 55% of Southeast Asia’s electric vehicle sales in the first quarter of 2024, solidifying its position as the region’s largest automotive manufacturing hub.
In July, BYD also inaugurated its first factory in Thailand. The Thai government is reportedly in negotiations with Kia and Tesla to establish manufacturing facilities in the country.
Thai Son (Tuoitrethudo)
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