The Korean automaker is investing $28 million to build a new electric vehicle and battery assembly plant in Thailand to compete with BYD, which is the market leader in the region.
As reported by Electreksales of electric vehicles in Thailand are growing rapidly, and Hyundai is looking to take part in this and take market share from China's BYD.
It is reportedthat Thailand's Board of Investment (BOI) has approved a $28 million (1 billion baht) investment from a Hyundai subsidiary to build a new car plant.
Currently, the Thai market is showing rapid growth in the popularity of electric vehicles. Although Japanese automakers such as Toyota and Nissan have always dominated Thailand's car market, Chinese electric car brands have quickly taken the lead.
The Thai government is committed to maintaining the country's position as the center of electric vehicles in the future. In 2021, it was decided that by the end of the decade, 30% of cars produced in the country would be electric. Thailand is already the largest car producer in Southeast Asia and among the top 10 in the world.