The Board of Investment (BOI) announced on Wednesday that South Korean automaker Hyundai Motor Company will invest 1 billion baht ($28 million) in a new facility to assemble electric vehicles (EVs) and batteries in Thailand.
The move marked a significant entry by Hyundai into Thailand’s thriving EV market, currently dominated by Chinese carmakers BYD and Great Wall Motors.
These companies are utilising Thailand as a manufacturing base for exporting vehicles across Southeast Asia.
The Hyundai factory, located southeast of Bangkok, is slated to commence production in 2026.
According to BOI Secretary General Narit Therdsteerasukdi, “Thailand’s robust supply chain will enable Hyundai to source at least a third of the required raw materials and parts from local suppliers, supporting the domestic industry.”
Electric vehicle sales are surging across Southeast Asia, led by BYD, encroaching on the traditional internal combustion engine car market dominated by Japanese and Korean firms.
Thailand, the region’s largest auto manufacturing hub, accounted for 55% of all Southeast Asia’s EV sales in the first quarter, according to Counterpoint Research.
Boluwatife Enome
Source:Reuters
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