Hyundai starts Ioniq 5 production in Thailand
Hyundai has begun assembling its Ioniq 5 electric vehicle in Thailand, cutting the price by 15% to make it more competitive in the local market. The locally built model now starts at 1.699 million baht (about €44,713), down from 1.988 million baht when imported fully built from South Korea.
The move follows a 1 billion baht investment approved by Thailand’s Board of Investment to support local production of electric vehicles and their batteries. Hyundai partnered with Thonburi Automotive Assembly Plant (TAAP), which already manufactures vehicles for Mercedes-Benz.
Price cuts and early incentives
The first 400 customers will receive an additional 300,000 baht discount, lowering the effective price to 1.399 million baht (€36,818). That’s a 30% reduction compared to the imported version, or a savings of 589,000 baht (€15,501).
Related: Hyundai expands Preferred Partner Network across Europe
Thailand is now the seventh global production site for the Ioniq 5, joining locations in South Korea, the U.S., Singapore, Vietnam, Indonesia, and India. The Thai plant is the only overseas facility assembling the N Line variant, Hyundai’s sportier trim.
Performance and charging specs
The Thai-spec Ioniq 5 N Line uses a single rear-mounted motor producing 168 kW and 350 Nm of torque, paired with an 84 kWh nickel-manganese-cobalt battery. It accelerates from 0 to 100 km/h in 7.5 seconds, reaches a top speed of 185 km/h, and delivers a WLTP-rated range of 530 km.
Charging times vary by method: a full 10-100% charge takes 7.35 hours on a 10.5 kW AC charger, while a 350 kW DC fast charger can replenish the battery from 10% to 80% in 18 minutes.
Local assembly is part of Hyundai’s broader push to expand its EV footprint in Southeast Asia, where Thailand has positioned itself as a regional hub for electric vehicle production. The country’s government has offered tax breaks and other incentives to attract automakers, though competition from China and Vietnam remains stiff.
Related: Polestar US Sales to be Restricted
This isn’t the first time Hyundai has adjusted production to fit local demand. In India, the company shifted some models to local assembly to reduce costs, a strategy that helped it gain market share in a price-sensitive segment. Thailand’s focus on EVs, however, marks a sharper pivot toward future mobility.
The Ioniq 5’s price cut could pressure rivals like BYD and Tesla, which have also ramped up production in the region. Tesla’s Model 3, for example, starts at around 1.5 million baht in Thailand, though it lacks the Ioniq 5’s fast-charging capabilities and sportier trim options.
Hyundai did not disclose production volumes for the Thai plant, but the company has previously stated it aims to sell 200,000 EVs annually in Southeast Asia by 2030. The Ioniq 5’s local assembly is a step toward that goal, though infrastructure challenges—like uneven charging networks—could slow adoption.
