The Board of Investment of Thailand has given the green light to Hyundai Mobility to invest 1,000 million baht to start production of the IONIQ electric vehicle in Thailand.
Mr. Jae Kyu Jeong, CEO of Hyundai Mobility Manufacturing Thailand, said that as a leading international EV innovation brand from South Korea, which has entered the market in Thailand for a long time, we have confidence in Thailand's potential and determination. It has always been one of Hyundai's strategic locations in Southeast Asia. When the Thai government issued a concrete policy to support the EV industry according to the EV3.5 scale, Hyundai is ready to fully respond to this support.
We have received official approval from the BOI Board of Directors for 1,000 million baht to invest in the production of IONIQ integrated electric vehicles and batteries. This is another important chapter in Hyundai’s history. Participating in building the foundation of electric vehicles in Thailand in a tangible way. This will help build customer confidence. Joining in driving the country’s automotive industry towards a stable and sustainable future
This complete project for the production of electric vehicles and batteries is the result of cooperation between Hyundai Mobility Manufacturing (Thailand) Co., Ltd. as the investor in the project. With important partners being the leading automobile assembly plants in the country. Which are ready to start investing immediately and the goal is to start production in early 2026.
The company is still in the process of cooperating with BOI when considering the plan to purchase spare parts from a group of manufacturers in Thailand to connect business partners from all sides and introduce the supply chain system in the automotive industry as much as possible.
In addition, Hyundai Mobility (Thailand) Co., Ltd. is seeking approval to participate in the EV3.5 project from the Tax Administration. This will be done in the next step after Hyundai Mobility Manufacturing Thai obtains a license from the Board of Investment. Additional information about this project will be disclosed again in the future.
The EV3.5 measure is a measure that reinforces the government's commitment to continuously support the electric vehicle industry to push Thailand to become a regional hub for electric vehicles.
The EV3.5 measure aims to encourage investment in Thailand’s electric vehicle industry, encourage existing entrepreneurs to switch to electric vehicles, and attract new auto companies to come and establish more production bases in the country.
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