The Thailand Board of Investment approved Hyundai’s 1 billion baht investment to assemble battery electric vehicles and batteries by 2026, supporting the EV 3.5 package and enhancing Thailand’s EV production capabilities.
The Thailand Board of Investment (BOI) approved investment promotion applications worth a combined 1 billion baht (USD28 million) by Hyundai Mobility Manufacturing (Thailand) Co., Ltd., a unit of Korea’s Hyundai Motor Company, to start in 2026 the local assembly of battery electric vehicles (BEV) and the batteries that power them.
The Hyundai project is placed under the second phase of Thailand’s plan to become a production hub for electric vehicles, known as the EV 3.5 package, which aims to promote investment in manufacturing covering the entire EV industry ecosystem, from cars to batteries, key parts, and charging stations. As part of the EV 3.5 package, which covers a period of 4 years (2024-2027), the government provides incentives to manufacturers as well as subsidies to consumers purchasing EVs.
“Hyundai’s entry in Thailand’s EV sector is a very positive development, confirming the attractiveness of Thailand as both a manufacturing base and an important market,” said Mr. Narit Therdsteerasukdi, Secretary General of the BOI. “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.”
The operations will be conducted with Thonburi Automotive Assembly Plant Co., Ltd. as strategic business partner.
The facility will also assemble an equal amount of EV batteries.
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