{"id":85948,"date":"2024-08-08T00:00:00","date_gmt":"2024-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/08\/08\/koreas-hyundai-to-invest-usd-28-mn-in-thai-ev-battery-factory\/"},"modified":"2024-08-08T00:00:00","modified_gmt":"2024-08-08T00:00:00","slug":"koreas-hyundai-to-invest-usd-28-mn-in-thai-ev-battery-factory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/08\/08\/koreas-hyundai-to-invest-usd-28-mn-in-thai-ev-battery-factory\/","title":{"rendered":"Korea\u2019s Hyundai to invest USD 28 mn in Thai EV + battery factory"},"content":{"rendered":"

South Korean automaker Hyundai Motor Company will invest THB 1 bn (USD 28 mn) to <\/strong>set up an electric vehicle and battery assembly facility in Thailand<\/strong>, according to a press release<\/a>. The Bangkok factory is scheduled to begin production in 2026. Hyundai's facility, developed in partnership with Thonburi Automotive Assembly Plant<\/a>, will leverage Thailand's supply chain, sourcing at least a third of its raw materials and parts locally. <\/p>\n

Part of a bigger plan:<\/strong> This project is part of Thailand\u2019s <\/span>EV 3.5 program<\/a> aimed at establishing the country as an EV production hub covering the entire industry ecosystem from manufacturing, to key parts, and charging stations.The package, running from 2024-2027, offers incentives to manufacturers and subsidies to consumers.<\/span><\/p>\n

\n

UK\u2019s Energy sector risks major losses if it stays out of the EU\u2019s carbon market: <\/strong>The UK\u2019s energy sector could lose as much as EUR 8 bn (USD 10.2 bn) of revenue over the next five years if it does not join the EU\u2019s carbon market, according to a report (pdf)<\/a> by Frontier Economics. By joining the EU market, the UK\u2019s carbon allowances \u2014 currently trading at 36% less than the EU \u2014 would rise, thereby increasing government income. <\/p>\n

There\u2019s a lot of support for linking the two systems: <\/strong>Prices will most likely jump if the UK government hints at reintegration, the report said. Companies are pushing for the move as the less conservative Labour government sets its agenda, and hope to see it happen before certain EU rules come into play, like a tax on carbon-intensive imports starting in 2026. Linking the markets can \u201csupport efficient UK-EU trade and reduce the costs to both the UK and EU of meeting decarbonisation goals,\u201d the report added. <\/p>\n","protected":false},"excerpt":{"rendered":"

The factory is scheduled to begin production in 2026.<\/p>\n","protected":false},"author":1,"featured_media":85949,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[70,11,64],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-enterpriseclimate","tag-evs","wpautop","entry"],"acf":{"mongo_id":"d833d1a3-e28c-4c45-93e4-0a02c31e5090","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/688.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Korea\u2019s Hyundai to invest USD 28 mn in Thai EV + battery factory","related_issue":[85932],"teaser":"The factory is scheduled to begin production in 2026.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.a7278c0a-86cc-42af-a9ab-1b5115ffeca9.mp3"},"yoast_head":"\nKorea\u2019s Hyundai to invest USD 28 mn in Thai EV + battery factory - 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