SEOUL, Aug. 7 (Korea Bizwire) – Hyundai Motor Co., South Korea’s leading automotive company, plans to invest US$28 million in Thailand to establish a production facility for electric vehicles (EVs) and batteries, the country’s Board of Investment (BOI) said Wednesday.
In a release sent to Yonhap News Agency, the BOI said it approved the investment applications by Hyundai Mobility Manufacturing Co., the local unit of the South Korean auto giant, to begin local assembly of EVs and batteries starting in 2026.
According to the BOI, Hyundai plans to establish an assembly plant in Samut Prakan Province, near Bangkok. The facility will also assemble an equal amount of EV batteries, the board said.
“Hyundai’s entry in Thailand’s EV sector is a very positive development, confirming the attractiveness of Thailand as both a manufacturing base and an important market,” said Narit Therdsteerasukdi, secretary general of the BOI.
The Thai government has declared a goal to replace 30 percent of domestically produced vehicles with electric cars by 2030. It has also introduced an electric car purchase subsidy scheme for companies with local production plants.
(Yonhap)
