HMT To Invest In EV Production And Infrastructure Development

Hyundai Mobility Thailand (HMT) has announced it will invest THB1 billion to enhance its presence and contribute to the growth of Thailand’s electric vehicle (EV) ecosystem, its CEO Jae Gyou Chung said in late September 2024.

Source: The Nation

This came after a series of events related to Hyundai’s interest in Thailand. Earlier, Hyundai Motor Company announced its THB1 billion (US$28 million) investment to set up a facility to assemble electric vehicles (EVs) and batteries in Thailand, the country’s Board of Investment (BOI) said on 7 August 2024, according to Bangkok Post.

This followed Thailand’s developing a new public-private network to create swappable batteries for small EVs in line with the government’s goal to make the country into an EV hub. A public-private network was recently launched to promote cooperation to develop technology for the making of standardised swappable batteries for small electric vehicles (EVs).

With the latest approved by the Board of Investment for Hyundai Mobility Manufacturing (Thailand), this initiative focuses on boosting local EV production and infrastructure development.

Located on a 28,500 sqm site, with 17,500 sqm dedicated to building space, the facility will house both vehicle and battery assembly operations. Scheduled to begin production in 2026, the project aims to produce 5,000 EV units annually, catering to local customers in Thailand.

The new facility will produce Hyundai’s latest EVs, including the IONIQ series, while localising key components and partnering with Thai suppliers. This investment boosts local employment, supports the domestic EV supply chain, and demonstrates Hyundai’s long-term commitment to Thailand’s EV industry by establishing infrastructure for a robust EV ecosystem.

“Hyundai Mobility Thailand is committed to advancing sustainable mobility through investment and innovation. We aim to build a strong EV ecosystem that boosts the local economy and fights climate change. By investing in Thai manufacturing and infrastructure, we’re positioning the country as a leader in Southeast Asia’s EV industry, improving customer experiences, and driving a greener future,” the CEO said.

In addition, HMT is introducing the IONIQ 5N, a high-performance EV that sets new standards in power, speed and cutting-edge technology. The company is also investing in initiatives to promote green projects and contribute to a more sustainable future.

Meanwhile, Hyundai Mobility Thailand rolled out the E-Pit at IONIQ Lab, an ultra-fast 800V/350kW EV charging station capable of charging the IONIQ 5 for 100km in just 5 minutes. It’s available free until year-end for IONIQ 5, 6, and 5N owners. There are also plans for another E-Pit at H-Space.

Wallop Chalermvongsavej, Managing Director of Hyundai Mobility Thailand, emphasised the IONIQ line’s role in offering advanced EVs for Thai consumers, with the IONIQ 5N showcasing high performance and sustainability.

“Our mission is to lead Thailand’s EV market with innovative solutions that inspire confidence and accelerate the shift to a greener future,” he said.

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