South Korean automaker Hyundai Motor Group’s Thai subsidiary, Hyundai Mobility Manufacturing (Thailand) Company, has announced that it plans to begin exports of battery electric vehicles (BEVs) to Australia later this year. It is looking to expand the role of its newly built production facilities in the country and increase capacity utilization.
Hyundai has invested THB 1 billion (US$ 30 million) to build a BEV assembly plant in Thailand’s Samut Prakan Province, in collaboration with local contract manufacturer Thonburi Group, along with a related battery assembly facility. The plant has an initial annual production capacity of 5,000 units and began assembling the Ioniq 5 earlier this year.
The company said that 46% of the components used in the production of the Ioniq 5 are sourcing locally, in term of overall cost, exceeding the minimum local content of 40% under the terms of the Thai Board of Investment’s EV3.5 incentive programme.
Hyundai is targeting 2,800 sales of the Ioniq 5 model in Thailand this year, up from 2,300 models imported last year, helped by the company’s plans to expand its sales and service networks to 28 outlets nationwide.
Hyundai Mobility Thailand’s managing director, Wallop Chalermvongsavej, told local reporters that his company is currently studying suitable models that meet Australia’s strict New Vehicle Efficiency Standard (NVES), which sets limits on carbon dioxide emissions.
