Hyundai is competing with BYD by investing $28 million in a new EV assembly and battery plant in Thailand. This strategic move aims to leverage Thailand’s strong supply chain and capitalize on the surging EV market in the region, where BYD currently leads.
What impact does the EV market have on the automotive industry?
The EV market has significantly impacted the automotive industry by driving innovation, increasing competition, and promoting sustainability. Companies like Hyundai are investing heavily in new EV plants, such as the one in Thailand, to compete with leading EV makers like BYD. This shift is reshaping the industry landscape, focusing on cleaner energy and advanced technologies.
How will this investment impact Hyundai’s market share?
Hyundai’s $28 million investment in a new EV assembly and battery plant in Thailand is likely to enhance its market share by leveraging Thailand’s strong supply chain and capitalizing on the surging EV market in the region. This strategic move aims to position Hyundai competitively against BYD, the current market leader.
How will this plant benefit Hyundai’s supply chain?
The new EV assembly and battery plant in Thailand will benefit Hyundai’s supply chain by leveraging Thailand’s strong existing supply chain infrastructure. This strategic investment aims to enhance Hyundai’s production capabilities and competitiveness in the surging EV market in the region.
How does Thailand’s supply chain benefit Hyundai?
Thailand’s supply chain benefits Hyundai by providing a robust infrastructure for sourcing raw materials and parts locally. This enhances Hyundai’s production capabilities and competitiveness in the EV market.
as per the report from WIONEWS, BOI Secretary General Narit Therdsteerasukdi highlighted that Hyundai’s investment will benefit from Thailand’s robust supply chain. “Hyundai will be able to source at least a third of its raw materials and parts locally, thereby supporting the Thai industry,” Therdsteerasukdi said.
