Hyundai Mobility Manufacturing (Thailand) Co., Ltd., announces its commitment to advancing the electric vehicle (EV) industry with a significance investment exceeding 1 billion baht. This initiative, approved by the Board of Investment (BOI) for Hyundai Mobility Manufacturing Thailand, aims to establish a facility for assembling EV and batteries in Thailand. In alignment with the Thai government’s EV3.5 campaign, this project will be executed in partnership with local leading car assembler.
Hyundai Mobility Manufacturing Thailand believes this investment will take a part in accelerating the transition of Thailand’s automobile market into electrified era, by delivering innovative EVs, including the models by Hyundai Motor’s EV- dedicated brand IONIQ, that are built domestically to the consumers. Furthermore, this will lower roads emissions for cleaner air for everyone, as a part of following company’s vision – Progress for Humanity.
Mr. Jae Gyou Chung, Chief Executive Officer of Hyundai Mobility Manufacturing Thailand, remarked, “As an innovative EV brand, IONIQ, from South Korea with a longstanding presence in the Thai market, we are confident in Thailand’s potential as a strategic hub for Hyundai Motor in Southeast Asia. Supported by the Thai government’s EV3.5 policy, we are fully prepared to embrace this opportunity. Today, we proudly announce BOI’s official approval for our investment in an EV and battery assembly facility in Thailand. This marks a pivotal milestone for Hyundai Motor, establishing a robust foundation for EVs in the country, enhancing customer satisfaction with products and services, and driving sustainable growth in Thailand’s automotive industry.”
IONIQ, EV manufacturing and battery manufacturing project is a collaborative effort between Hyundai Mobility Manufacturing (Thailand) Co., Ltd., and key manufacturing partners. The company is ready to commence investment immediately, with production targeted to begin in early 2026.
Additionally, the company is working with the BOI to evaluate local component sourcing plans to fully integrate all stakeholders into the automotive supply chain. Hyundai Mobility Thailand Co., Ltd., is also under process of requesting approval for EV3.5 policy from Excise Department. Following steps will be proceeded after BOI’s certificate for Hyundai Mobility Manufacturing Thailand is granted. Further details about this project will be announced at a later date.
The EV3.5 policy is a crucial initiative demonstrating the government’s ongoing support for the EV industry in Thailand. The campaign aims to position Thailand as a regional hub for EVs by encouraging increased investment in the sector. It seeks to facilitate the transition of existing businesses to EVs and attract new automotive companies to establish manufacturing bases in Thailand. This policy will not only stimulate growth in the EV sector but also reinforce Thailand’s role as a key player in the regional EV market.
SOURCE: Hyundai
