Hyundai Motor to Establish Electric Vehicle Assembly Plant in Thailand with 38.6 Billion KRW Investment
Hyundai Motor Company is investing 38.6 billion KRW to establish an electric vehicle assembly plant in Thailand.
The Thailand Board of Investment (BOI) announced on the 7th that Hyundai Motor plans to invest 1 billion baht (approximately 38.6 billion KRW) to set up an electric vehicle and battery assembly plant in Thailand.
The Hyundai Motor plant in Thailand will be located in Samut Prakan Province, southeast of the capital Bangkok, and production will begin in 2026 through a local contract manufacturing method.
BOI stated, "Hyundai Motor will source more than one-third of the parts locally through the supply chain within Thailand."
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According to Counterpoint Research, Thailand is the largest automotive manufacturing hub in Southeast Asia, accounting for 55% of all electric vehicle sales in Southeast Asia in the first quarter of this year. The local Thai media outlet Bangkok Post reported that while the internal combustion engine vehicle market in Southeast Asia is currently led by Korea and Japan, electric vehicle sales are rapidly increasing across the region, with Chinese companies led by BYD encroaching on the market.
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