Hyundai To Invest US$28 million In Thailand For EV Assembly And Batteries

Hyundai Motor Company will invest THB1 billion (US$28 million) 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 came shortly after the Thailand developed 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).

This development matches the government’s policy of making Thailand an EV hub in the Asia-Pacific region. Thailand Science Research and Innovation (TSRI), an agency under the Ministry of Higher Education, Science, Research and Innovation (MHESI), unveiled its tie-up with the Thailand Energy Storage Technology Association (TESTA) at the International Energy Storage Forum 2024 in Bangkok on 5 July 2024.

Thailand’s booming EV sector is currently dominated by Chinese carmakers, including BYD (Build Your Dreams) and Great Wall Motors, which are using the country as a manufacturing base for exporting vehicles across Southeast Asia. The Hyundai factory, to be located just southeast of the capital city of Bangkok, will start production in 2026, according to a BOI statement.

“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.

EV sales are surging across Southeast Asia, led by BYD, eating into the internal combustion engine car market dominated by Japanese and Korean firms. Thailand, the region’s biggest auto manufacturing hub, accounted for 55% of all Southeast Asia’s EV sales in the first quarter, according to Counterpoint Research.

However, with the pulling out of two Japanese auto titans, Thailand may just be the fertile ground for Korean players.

What You Missed:

Industrial Automation Redefined: Insights From ARC Industry Leadership Forum
Malaysia Sets Its Eyes On Medical Devices Manufacturing Market
Singapore Prepares More Land To Woo Semiconductor Giants Looking To Ride AI Wave
Chinese Enterprises Also Eye Manufacturing Opportunities In The Philippines
More Factories Relocate From China To Malaysia Over Restrictions
LG-Hyundai Electric Car Battery Factory To Open On 3 July 2024
Chinese Automakers Double Down On Presence In Thailand
Hitachi Industrial Equipment Systems’ ML Predictive Diagnosis Service For Air Compressors
TSMC Sees Annual Sales Growth To Reach 10% In Semiconductor Industry
Vietnam Versus Malaysia For Semiconductor Design Hub Crown

WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!

CONNECT WITH US:  LinkedIn, Facebook, Twitter

Letter to the Editor
Do you have an opinion about this story? Do you have some thoughts you’d like to share with our readers? APMEN News would love to hear from you!

Email your letter to the Editorial Team at [email protected]