Hyundai to speculate $28 million in Thailand for EV meeting, batteries By Reuters

BANGKOK (Reuters) -South Korean auto maker Hyundai Motor Firm (OTC:) will make investments 1 billion baht ($28 million) to arrange a facility to assemble electrical autos and batteries in Thailand, the nation’s Board of Funding (BOI) mentioned on Wednesday.

Thailand’s booming EV sector is at present dominated by Chinese language carmakers, together with BYD (SZ:) and Nice Wall Motors, that are utilizing the nation as a producing base for exporting autos throughout Southeast Asia.

The Hyundai (OTC:) manufacturing unit, to be positioned simply southeast of the capital metropolis of Bangkok, will begin manufacturing in 2026, in response to a BOI assertion.

“Thailand’s robust current provide chain will enable Hyundai to supply not lower than a 3rd of the uncooked supplies and elements it wants from inside Thailand, thus supporting the native trade,” BOI Secretary Basic Narit Therdsteerasukdi mentioned.

Electrical automobile gross sales are surging throughout Southeast Asia, led by BYD, consuming into the inner combustion engine automotive market dominated by Japanese and Korean companies.

Thailand, the area’s greatest auto manufacturing hub, accounted for 55% of all Southeast Asia’s EV gross sales within the first quarter, in response to Counterpoint Analysis.

($1 = 35.6200 baht)