Hyundai will produce its IONIQ BEV series and corresponding battery packs in Thailand. The South Korean automaker recently confirmed its $30 million investment in Thailand.
Hyundai Motor Company plans to establish a battery electric vehicle (BEV) assembly plant in Thailand with its $30 million investment. Hyundai is partnering with local contract assembler Thonburi Automotive Assembly Company Ltd Production for its Thailand operations.
Thonburi Automotive has worked with Hyundai before, assembling its Sonata passenger car. The local contract assembler currently works with Mercedes-Benz, producing vehicles for the luxury automaker at its facilities in Samut Prakan. Hyundai expects to start local production in Thailand by 2026.
Earlier this month, Thailand’s Board of Investment (BOI) approved Hyundai Mobility Manufacturing’s application to invest in the country. The investment qualifies Hyundai for the Thailand government’s EV3.5 incentive program. Hyundai was expected to invest up to $28 million in Thailand then. Hyundai plans to build an assembly plant in Samut Prakan Province, near Bangkok.
“Hyundai’s entry into Thailand’s EV sector is a very positive development, confirming the attractiveness of Thailand as both a manufacturing base and an important market,“ commented Narit Therdsteerasukidi, BOI’s Secretary General.
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