Thailand approves Hyundai's $28 million investment plan for EVs, batteries

2024-08-07 06:06:43

Asia Tech Wire (Aug 7) -- The Thailand Board of Investment (BOI) announced on Wednesday the approval of Hyundai Motor's investment plan worth 1 billion baht (about $28 million).

Hyundai will assemble battery electric vehicles (BEV) and batteries locally from 2026.

The South Korean automaker will build the plant southeast of Bangkok, Thailand's capital, according to a BOI statement.

Thailand, the largest automotive manufacturing center in Southeast Asia, accounted for 55% of total EV sales in the region in the first quarter of this year, according to market research firm Counterpoint.

Hyundai Thailand

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