Hyundai unveils EV plans in Thailand with THB1 billion investment

South Korean auto giant Hyundai Motor has announced plans to invest 1 billion baht to manufacture electric vehicles under the Ioniq brand in Thailand, following investment promotion approval by the Board of Investment. 

Production is set to start in early 2026, with Thonburi Automotive Assembly, a long-time partner, handling assembly.

Hyundai Mobility Manufacturing (Thailand) Co Ltd said the investment would be used to establish EV and battery production facilities in Thailand, in line with the Thai government's EV3.5 policy supporting the EV industry.

Jae Gyou Chung, the CEO of Hyundai Mobility Manufacturing (Thailand), said that Thailand had been designated as a strategic location for Hyundai in ASEAN. With the Thai government's support through the EV3.5 measures, Hyundai is ready to invest and aims to commence production in early 2026.

“We have received official approval from the BOI to invest in the production of Ioniq electric vehicles and batteries. This project is a result of collaboration between Hyundai Mobility Manufacturing (Thailand) and a key partner, a leading domestic automotive assembly plant,” said Jae.

The domestic assembly plant referred to by Jae Gyou Chung is likely Thonburi Automotive Assembly Co Ltd, which currently assembles Mercedes-Benz vehicles at its Samrong plant in Samut Prakan province. Hyundai used to assemble its Sonata model at this plant nearly 16 years ago.