Hyundai Motor will invest $28 million in electric vehicle (EV) and battery production in Thailand. The country’s Board of Investment (BOI) recently approved Hyundai Mobility Manufacturing’s application to invest.
The South Korean automaker plans to start producing EVs and batteries by 2026. It will establish an assembly plant in Samut Prawn Province, near Bangkok.
“Hyundai’s entry in Thailand’s EV sector is a very positive development, confirming the attractiveness of Thailand as both a manufacturing base and an important market,” commented Narit Therdsteerasukidi, BOI’s Secretary General.
