Bangkok, South Korea's No. 1 carmaker 'Hyundai' supports Thailand as a world-class EV production base, investing 1 billion baht to build a complete BEV and battery production plant, ready to start production in early 2026. Mr. Narit Therdsathirasak, Secretary-General of the Board of Investment (BOI), revealed that the BOI has approved investment promotion for the project of Hyundai Mobility Manufacturing (Thailand) Co., Ltd., the number 1 car manufacturer from South Korea, to produce battery electric vehicles (BEV) and batteries starting from the module assembly process to supply the electric car production line in Thailand, with a total investment value of over 1 billion baht, with Thonburi Automotive Assembly Co., Ltd. and Thonburi Energy Storage Manufacturing Co., Ltd. as key partners in this investment, which the company is ready to start investing immediately and aims to start production in early 2026. In addition, the company is in the process of considering a plan to procure parts from manufacturers in Thailand, which the BOI will work closely with the company to connect the supply chain in the country as much as possible. 'South Korea is one of the world's leading automotive manufacturers, and Hyundai is a globally recognized leader in EV innovation and technology. The Korean company's investment in establishing an EV production base reflects its confidence in Thailand's potential and the Thai government's policy to support the EV industry. It also reflects the direction of automotive industry development and the increasing demand for EVs. Hyundai's investment will help strengthen Thailand to become a global hub for EV production of all types, and will help create opportunities for Thai parts manufacturers to enter the global industry's supply chain,' said Mr. Narit. The global EV market trend continues to grow. According to the IEA's Global EV Outlook 2024, global EV sales grew by 25 percent in the first quarter of this year, and by the end of 2024, EV sales are expected to total 17 million units, ac counting for 20 percent of global car sales. Currently, the BOI has approved investment promotion for projects in the electric vehicle industry, including the production of various types of BEV vehicles, batteries and key parts, as well as charging stations, with a total investment value of over 80 billion baht. Source: Thai News Agency