Thai electric vehicle industry seen to be boosted by EA battery plant from 2021

BANGKOK, Nov 26 (The Nation/ANN): Energy Absolute Plc (EA) expects Thailand’s electric vehicle (EV) industry to grow quickly once its battery plant starts production in the first quarter of next year.

Amorn Sapthaweekul, EA deputy CEO, said the company is focusing on investments in new businesses to boost new S-curve industries next year.

He said construction of the battery factory was 90 per cent complete, with production expected to start in January next year.

"The factory will enable the company's subsidiaries to produce various types of electric vehicle, such as cars, buses and ferries," he said.

Next year, the company will focus on investing in EV and power plant businesses, both domestic and overseas.

EA has allocated Bt17.2 billion for investment next year – 5.19 billion for the battery business, Bt5.13 billion for industrial estate development, and Bt3.35 billion for an EV plant in Chachoengsao.

The rest will be spent on other businesses, such as electric boats and renewable energy.

“Thailand’s automotive market is transforming from traditional to modern, so it still has a chance to expand, ” said Omsin Siri, EA’s vice president of corporate communication.

She added that the company will participate in bidding to provide about 3,000 electric buses by the first quarter next year.

EA also plans to apply its bio-based phase change material business to the textile industry, with gains expected to be realised by the fourth quarter this year, she said.

"In addition, a joint venture with Nex Point Pcl will enable the company to develop more electric vehicles, which should result in gains next year," she said.

She expects the company's fourth-quarter performance to rise quarter on quarter, on profits from wind and solar power plants.

"The company's revenue and net profit in the first nine months this year was Bt12.73 billion and Bt3.72 billion, respectively. Revenue from the biodiesel business was Bt4.63 billion, up 72 per cent, while revenue from the electrical business was Bt7.79 billion, down 2 per cent," she added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Did you find this article insightful?


100% readers found this article insightful

Next In Aseanplus News

Nissan to close Philippines car assembly operations
Bank of Japan revises up growth outlook for next two years
Asian Development Bank: Cambodia needs industry transformation to boost garment, tourism sectors
Thai govt keen to push Dawei SEZ development despite Italian-Thai setback
Singapore is second most preferred city for cross-border investments: Survey
Cambodia confirms 5 imported COVID-19 cases, 453 in total
Bitcoin falters for a second day slides below technical level
Global Times Editorial: Biden drops Trump's toxic rhetoric toward China, but courage needed to fix ties
Vietnam's future growth lies on new communist party leadership
China's 2020 FDI hits record high amid recovering economy

Stories You'll Enjoy