Hyundai invests 1 billion baht in Thailand, expected to start production in 2026
AshleyAug 12, 2024, 11:17 AM
Recently, Hyundai announced that its Hyundai Mobility Manufacturing (Thailand) Company will invest 1 billion Thai baht to build an electric vehicle production base in Thailand, which will be put into production in 2026. This move signifies the further deepening of Hyundai's presence in the Southeast Asian electric vehicle market.
The Thai government has launched the "EV3.5" incentive plan to stimulate the development of the electric vehicle industry, and it uses tax incentives and subsidies to encourage the production and consumption of electric vehicles. Companies participating in this scheme must produce electric vehicles locally in Thailand. Narit Therdsteerasukdi, secretary-general of the Thai Board of Investment, said that Hyundai's involvement will further enhance Thailand's attractiveness as an electric vehicle production base.
Hyundai's factory will be located in Samut Songkhram Province, Thailand, and will be operated jointly with local partners. Thailand's comprehensive automotive industry chain, rich resources and strong government support have provided solid support for Hyundai's development in the locality.
According to the Thai government's policy, by 2030, electric vehicles are expected to account for more than 30% of Thailand's total automobile production. In order to achieve this goal, the Thai government not only provides generous policy incentives, but also actively attracts leading global automobile manufacturers to invest and build factories. Currently, many well-known international car companies, including Hyundai, have announced plans to lay out electric vehicle production in Thailand.
According to data from the International Energy Agency, global sales of electric vehicles are growing at a startling rate. In the first quarter of 2024, global sales of electric vehicles increased by more than 25% year on year. As the automobile production center in Southeast Asia, Thailand is becoming an important link in the global electric vehicle industry chain with its good business environment and huge market potential. Hyundai's investment in Thailand will not only drive the development of the local electric vehicle industry, but also inject new vitality into the global electric vehicle market.
If any infringement occurs, please contact us for deletion
Trending News
BYD Sealion 7 is not only cheaper than Tesla Model Y, what other differences do they have?
Is it better to buy the BYD Sealion 7 or the Tesla Model Y? This really makes one a bit hesitant, but before you make a decision, I recommend you take a good look at this article.
Toyota Land Cruiser FJ did not disappoint, the most anticipated civilian off-road vehicle is back.
Since its birth in 1951 under the name Toyota BJ, the Land Cruiser series has accumulated sales of approximately 12.15 million units in over 190 countries and regions worldwide, becoming a global off-road icon spanning more than 70 years.
Toyota Corolla Cross mid-term facelift in China, featuring a new front face and interior design
Toyota released the mid-cycle facelift of the Toyota Corolla Cross in China. In China, this vehicle produced by GAC Toyota is called Frontlander, and it is the same model as the Toyota Corolla Cross produced by FAW Toyota.
2026 Toyota Hilux Travo released, the brand-new exterior and interior are highly anticipated
If you're considering buying a Hilux, honestly, the comprehensive innovations in the ninth generation are worth waiting for. While the current model might still have some advantages in terms of reliability and price, the new model offers significant changes in terms of exterior and interior luxury, tech features, and powertrain options.
There is news that the next-generation Toyota Hilux will be released in November, bringing a major redesign.
Nowadays, the HiLux, which has been sold for nearly ten years, is about to undergo a major upgrade. According to reports, the 2026 HiLux will make its global debut at the Thailand International Motor Expo from November 28 to December 10, 2025, with the first customer deliveries expected to be completed by mid-year.
Popular Cars
Car Compare