South Korean automaker Hyundai Motor announced plans to invest 1-billion-baht ($28 million) to establish a facility for electric vehicle (EV) assembly and battery production in Thailand, according to the country’s Board of Investment (BOI).
Currently, Thailand’s EV market is led by Chinese manufacturers like BYD and Great Wall Motors, who use the country as a manufacturing hub for exporting vehicles throughout Southeast Asia.
The Hyundai plant, set to be located just southeast of Bangkok, is expected to begin production in 2026, the BOI stated.
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“Thailand’s robust supply chain will enable Hyundai to source at least a third of its raw materials and components locally, thereby bolstering the domestic industry,” said BOI Secretary General Narit Therdsteerasukdi.
Electric vehicle sales are on the rise across Southeast Asia, with Chinese brands like BYD leading the charge and encroaching on the market share traditionally held by Japanese and South Korean automakers.
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As the largest automotive manufacturing center in the region, Thailand represented 55% of Southeast Asia’s EV sales in the first quarter, according to Counterpoint Research.
