Hyundai invests 1 billion baht in Thailand, expected to start production in 2026
AshleyAug 12, 2024, 11:17 AM
Recently, Hyundai announced that its Hyundai Mobility Manufacturing (Thailand) Company will invest 1 billion Thai baht to build an electric vehicle production base in Thailand, which will be put into production in 2026. This move signifies the further deepening of Hyundai's presence in the Southeast Asian electric vehicle market.
The Thai government has launched the "EV3.5" incentive plan to stimulate the development of the electric vehicle industry, and it uses tax incentives and subsidies to encourage the production and consumption of electric vehicles. Companies participating in this scheme must produce electric vehicles locally in Thailand. Narit Therdsteerasukdi, secretary-general of the Thai Board of Investment, said that Hyundai's involvement will further enhance Thailand's attractiveness as an electric vehicle production base.
Hyundai's factory will be located in Samut Songkhram Province, Thailand, and will be operated jointly with local partners. Thailand's comprehensive automotive industry chain, rich resources and strong government support have provided solid support for Hyundai's development in the locality.
According to the Thai government's policy, by 2030, electric vehicles are expected to account for more than 30% of Thailand's total automobile production. In order to achieve this goal, the Thai government not only provides generous policy incentives, but also actively attracts leading global automobile manufacturers to invest and build factories. Currently, many well-known international car companies, including Hyundai, have announced plans to lay out electric vehicle production in Thailand.
According to data from the International Energy Agency, global sales of electric vehicles are growing at a startling rate. In the first quarter of 2024, global sales of electric vehicles increased by more than 25% year on year. As the automobile production center in Southeast Asia, Thailand is becoming an important link in the global electric vehicle industry chain with its good business environment and huge market potential. Hyundai's investment in Thailand will not only drive the development of the local electric vehicle industry, but also inject new vitality into the global electric vehicle market.
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