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Thailand Becomes the Latest EV Competing Ground
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2022-10-24
As the South Korean Hyundai Motor is enhancing deployment in Southeast Asia, its opponent BYD from China is making its way into Thailand to build a new factory, making Thailand a new ground for the face-off between South Korean and Chinese EV makers.
BYD, the second largest EV maker in the world, is locked on the rapid growth of EV market in Southeast Asia and has decided to invest USD 491 million in its first overseas plant in Thailand. The plant is expected to launch in 2024 and manufacture 150 thousand units per year. Thailand has set the target to raise the proportion of new EV car sales to 30% by 2030.
This March, Hyundai launched a plant in Deltamas Industrial park in Bekasi. It is Hyundai's first manufacturing plant in ASEAN and manufactures the new BEV called IONIQ 5.
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