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Hyundai Mobility Manufacturing (Thailand), a unit of Korea’s Hyundai Motor Company (OTCPK:HYMTF), plans to park 1 billion baht (~$28M) to assemble electric vehicles ((EVs)) and produce batteries in Thailand.
The factory will be located to the southeast of the capital city—Bangkok, and the production is set to begin in 2026, according to Thailand’s Board of Investment (BOI).
The operations will be conducted with Thonburi Automotive Assembly Plant Co., Ltd. as a strategic business partner.
“Thailand’s strong existing supply chain will allow Hyundai to source not less than a third of the raw materials and parts it needs from within Thailand, thus supporting the local industry,” BOI Secretary General Narit Therdsteerasukdi said.
Currently, Thailand’s EV sector is dominated by Chinese manufacturers like BYD Company (OTCPK:BYDDF) (OTCPK:BYDDY) and Great Wall Motor (OTCPK:GWLLF) (OTCPK:GWLLY).
The project is a part of ‘Thailand’s plan to become a production hub for electric vehicles, known as the EV 3.5 package’, the BOI added.
