Business

Hyundai Invests $28m In Thailand EV Facility

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

Follow us on:

AriseNews

Recent Posts

Court Dismisses Case Against Protesters Charged Over Protests, Releases Minors Charged With Treason

An Abuja court has struck out the case against #EndBadGovernance protesters as the AGF discontinued…

50 mins ago

Britain Detects Two Additional Cases Of New Mpox Variant, Total Reaches Three

The UK has confirmed two more cases of the new mpox variant, clade Ib

1 hour ago

Ekiti Chief Judge Oyewole Adeyeye Passes Away From Injuries Sustained In Court Building Collapse

Ekiti mourns as Chief Judge Justice Adeyeye dies, succumbing to injuries from a court building…

2 hours ago

Boeing Workers End Seven-Week Strike After Accepting 38% Pay Increase

Boeing workers have accepted a new contract with a 38% raise, ending a seven-week strike…

2 hours ago

Trial Underway for Eight People Accused of Inciting Murder of Teacher Samuel Paty

Eight individuals are on trial in Paris, accused of inciting the murder of teacher Samuel…

2 hours ago

Indonesian Government To Evacuate 16,000 Residents After Mount Lewotobi Eruption

Indonesia is evacuating 16,000 residents after Mount Lewotobi erupted, resulting in nine deaths and significant…

2 hours ago