Hyundai eyes Thailand as key Southeast Asia EV growth market

In 2023, the number of electric vehicle (EV) registrations in Thailand increased fourfold, from around 15,000 in 2022 to more than 70,000, according to the Department for Land Transport. This represents 9% of all passenger vehicles sold that year. Nonetheless, Thailand’s EV market remains relatively nascent. Valued at US$158m in 2022, Statista forecasts that it will grow to US$290m by 2025.

While its progress is negligible compared to nations like China and South Korea, Thailand’s figures are more immediately encouraging than those from other countries tipped to experience an imminent e-mobility boom, such as Vietnam. Indeed, evidence that the country could become an important strategic hub for EV development comes from Hyundai, which announced the opening of its Ioniq Lab in Bangkok in December 2023.