Hyundai Motor Company, the South Korean automaker, has announced a 1 billion baht (US$28 million) investment to establish an electric vehicle (EV) and battery assembly facility in Thailand, as reported by the country’s Board of Investment (BOI) on Wednesday.

Currently, Chinese automakers such as BYD (Build Your Dreams) and Great Wall Motors dominate Thailand’s rapidly growing EV market, using the country as a key manufacturing base to supply vehicles across Southeast Asia.

The new Hyundai factory, which will be located southeast of Bangkok, is scheduled to commence production in 2026, according to a statement from the BOI.

BOI Secretary General Narit Therdsteerasukdi noted that Thailand’s well-established supply chain will enable Hyundai to source at least one-third of its raw materials and components locally, further bolstering the domestic industry.

As EV sales surge across Southeast Asia, led by BYD, they are increasingly capturing market share from the internal combustion engine vehicles long dominated by Japanese and Korean manufacturers. In the first quarter, Thailand, Southeast Asia’s largest automotive manufacturing hub, accounted for 55% of the region’s EV sales, according to Counterpoint Research.

Source: Bangkok Post