Gaishi Automobile News According to Reuters and the Korea Times, on August 7, the Thailand Investment Board (BOI) said that South Korean automaker Hyundai Motor Company will invest 1 billion baht (approximately US$28 million) to build an electric vehicle and battery assembly factory in Thailand. NEXO. Image source: Hyundai Motor, according to a statement from the Investment Board of Thailand, which has approved Hyundai Motor’s investment application.
The new Hyundai Motor factory will be located in the southeast of the capital Bangkok and is expected to begin assembling electric vehicles and batteries locally in 2026.
, Narit Therdsteerasukdi, Secretary-General of the Investment Board of Thailand, said that Hyundai Motor’s entry into Thailand’s electric vehicle industry is a very positive development and confirms Thailand’s attractiveness as an important automobile production base and market.
, Narit Therdsteerasukdi said: “Thailand’s existing strong supply chain will allow Hyundai Motor to source no less than one-third of its automotive raw materials and parts in the country, thereby supporting the local automotive industry.
“, The Thai government plans to make 30% of its car production come from electric vehicles by 2030, and has also launched an electric vehicle purchase subsidy program for companies with local production plants.
, Currently, Thailand’s booming electric vehicle industry is dominated by Chinese automakers, including BYD and Great Wall Motors, who are using the country as a production base to export vehicles to Southeast Asia.
, Under BYD’s leadership, sales of electric vehicles have soared in Southeast Asia and are occupying market share of internal combustion engine vehicles dominated by Japanese and South Korean companies.
According to Counterpoint Research, as Southeast Asia’s largest automobile manufacturing center, Thailand accounted for 55% of total electric vehicle sales in Southeast Asia in the first quarter of this year.
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