Hyundai to invest $28m in Thai EV assembly plant

South Korean automotive giant Hyundai Motor has announced plans to invest one billion-baht ($28 million) in a new electric vehicle (EV) assembly plant in Thailand. The facility, slated to begin operations in 2026, will be located southeast of Bangkok.

Thailand’s EV market has seen rapid growth, with Chinese manufacturers like BYD and Great Wall Motors establishing a strong presence. However, Hyundai’s entry into the market is expected to intensify competition in the region.

“Thailand’s strong existing supply chain will allow Hyundai to source not less than a third of the raw materials and parts it needs from within Thailand, thus supporting the local industry,” BOI Secretary General Narit Therdsteerasukdi said.

The country accounted for 55 per cent of the region’s EV sales in the first quarter of this year, according to Counterpoint Research.

Attribution: The Nikkei Asia