Hyundai keeping tabs in fight for ASEAN market

Hyundai Motor Co. has not stood still as China's aggressive push in the Southeast Asia global electric vehicle (EV) market via a low-margin, high-volume strategy is proving to he effective, as well as the most immediate and serious threat in the region, according to a report byPulse, the English service of Maeil Business Newspaper Korea.

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Hyundai Motor's manufacturing plant in ASEAN region

The South Korean automaker received approval from Thailand's Board of Investment fora 1-billion-baht (around $ 31.04 million) project in August 2024 to build an EV and EV battery production plant, while also announcing plans to invest 680 billion won ($485.6 million) over five years in Malaysia from 2025 onwards.

With few strong local brands and a tariff-free competitive landscape, the Association of Southeast Asian Nations (ASEAN) market is becoming the key battleground for automakers from Korea, China, and Japan.