Thailand arm of Hyundai Motor Corporation has announced its commitment to advancing the EV manufacturing in the country with a significance investment exceeding 1 billion Thai baht.
The company aims to establish a facility for local assembling EV and batteries, especially for the IONIQ sub-brand, in the South East Asian nation, in sync with Thai government's 'EV3.5' campaign.
Hyundai Mobility Manufacturing Thailand believes that this investment will take a part in accelerating the transition of Thailand's automobile market into electrified era, by delivering innovative EVs that are built domestically to the consumers.
Jae Gyou Chung, Chief Executive Officer of Hyundai Mobility Manufacturing Thailand, commented on the development, "As an innovative EV brand, IONIQ, from South Korea with a longstanding presence in the Thai market, we are confident in Thailand's potential as a strategic hub for Hyundai Motor in Southeast Asia. Supported by the Thai government's EV3.5 policy, we are fully prepared to embrace this opportunity".
"Today, we proudly announce BOI's official approval for our investment in an EV and battery assembly facility in Thailand. This marks a pivotal milestone for Hyundai Motor, establishing a robust foundation for EVs in the country, enhancing customer satisfaction with products and services, and driving sustainable growth in Thailand's automotive industry", he added.
Hyundai is ready to commence investment immediately, with production targeted to begin in early 2026. The company is also evaluating local component sourcing plans to fully integrate all stakeholders into the automotive supply chain.
Thailand is one of the leading market and a manufacturing base for battery EVs in the South East Asian region. The country's 'EV3.5' aims to position it as a regional hub for EVs by encouraging increased investment in the sector.
The policy further seeks to facilitate the transition of existing businesses to EVs and attract new automotive companies to establish manufacturing bases in Thailand.
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