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Hyundai Motor |
[Alpha Biz= Reporter Kim Jisun] Hyundai Motor is set to establish an electric vehicle assembly plant in Thailand.
On August 7th, the Thailand Board of Investment (BOI) announced that it has approved Hyundai's plan to invest 10 billion baht (approximately 38.6 billion won) in the country's electric vehicle and battery assembly facilities.
Hyundai will collaborate with a local company, Thonburi Automotive, to assemble and produce electric vehicles using a contract manufacturing model starting in 2026. The facility will be located in Samut Prakan Province, southeast of Bangkok.
The investment aligns with Thailand's "EV 3.5" electric vehicle transition project announced by the Thai government last year. The government aims to replace 30% of domestically produced vehicles with electric vehicles by 2030 and has promised subsidies of up to 150,000 baht per electric vehicle to companies with local production plans.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
