Hyundai Mobility (Thailand) Co., Ltd. announced that it will invest more than 1 billion baht to build an EV and battery factory to support Thailand’s production base. It aims to produce 5,000 EVs per year and urged the government to urgently issue measures to stimulate purchasing power.
Mr. Jae Kyu-jong, CEO of Hyundai Mobility (Thailand) Co., Ltd., revealed that Hyundai is accelerating the strengthening and support of the growth of Thailand’s electric vehicle (EV) ecosystem after receiving full approval from the Board of Investment (BOI). The company has invested over 1 billion baht to establish Hyundai Mobility Manufacturing (Thailand) Co., Ltd. in an industrial estate area covering an area of ??over 28,500 square meters, which includes both a car and battery assembly plant. The company is scheduled to start production in 2026, with a target of producing 5,000 electric vehicles per year.
The new plant will play a key role in producing Hyundai’s latest EV models, including the IONIQ brand, with a focus on
sourcing key components locally, fostering partnerships with Thai suppliers, promoting local employment and supporting Thailand’s EV supply chain.
Hyundai Mobility Thailand also launched the IONIQ 5N, the latest high-performance electric car priced at 3,790,000 baht, which will set a new standard for the automotive industry in terms of power, speed, and driving technology that is superior to competitors.
Mr. Wallop Chalermvongsawet, Managing Director of Hyundai Mobility (Thailand) Co., Ltd., said that in the past, Hyundai IONIQ has received good feedback from customers. In addition to launching a new model, Hyundai has also announced its commitment to expand Thailand’s electric power infrastructure to make it easier and more convenient for consumers to own electric vehicles. This reflects Hyundai’s commitment to Thailand’s electric vehicle industry in the long term by developing the necessary infrastructure for a strong and stable electric vehicle ecosystem.
However, it must be admitted that the sales volu
me of electric vehicles in Thailand this year may not be as targeted as initially set due to various crises. But overall, EVs are still growing. And even though many electric vehicle companies from China have set up production bases in Thailand, including the policy of reducing the price of EVs, which will affect everyone in the industry, it is understandable that the situation that has arisen from the oversupply is still present.
“I accept that this is not good and should not happen. What should be is that demand and supply must be equal. Therefore, we should not compete only on price. We should focus more on service and what customers will benefit from. Because reducing the price means cutting off some benefits. I hope that this situation will not last long. When many companies can adjust to the supply issue, I think everything will be better. Because dumping prices like this does not benefit anyone. I would also like to ask the government to urgently issue policies to stimulate purchasing power for cars a
fter household debt dragged down the sales of cars and electric cars below the target, such as reducing personal income tax,” said Mr. Wallop.
Source: Thai News Agency