Hyundai to Export EVs from Thailand to Australia

Hyundai Motor Group plans to begin exporting battery electric vehicles (BEVs) from its Thai subsidiary to Australia in the second half of 2024, aiming to boost capacity utilization at its newly built production facility in Thailand. Located in Samut Prakan Province, the facility was jointly invested in by Hyundai Motor and Thailand’s Thonburi Group with a total investment of 1 billion Thai baht (approximately USD 30 million). It includes a BEV assembly plant and a battery pack assembly line, with an initial annual production capacity of 5,000 units. Production of the IONIQ 5 commenced in the first half of 2024. Currently, locally sourced components account for 46% of the IONIQ 5 produced in Thailand, exceeding the minimum requirement of 40% set by the Thailand Board of Investment’s EV 3.5 incentive scheme for electric vehicles. Hyundai plans to expand its dealership and service network in Thailand to 28 outlets and has set a local sales target of 2,800 IONIQ 5 units for 2024, up from 2,300 units imported in 2023. The company is currently evaluating models suitable for export to Australia, which must comply with the country’s New Vehicle Efficiency Standard (NVES) limits on carbon dioxide emissions.