logo
Susco, Asia Green Energy bullish on EV industry

Susco, Asia Green Energy bullish on EV industry

Bangkok Post23-07-2025
An oil retailer and a coal trading firm are expecting to rack up significant revenue from their newly-developed electric vehicle (EV) businesses, which are said to be increasingly disrupting sales of fossil fuels.
Local oil retailer Susco Plc and Thai coal trader Asia Green Energy Plc believe the EV industry offers bright prospects, though the domestic automotive market has remained sluggish, attributed mainly to prospective buyers' difficulties in accessing auto loans.
Susco has been a sales agent of EVs under the BYD brand since the second half of 2023 while Asia Green Energy has been leasing MG cars to taxi drivers since early this year.
Asia Green Energy has also expanded its business by setting up AGE Auto Gallery as a distributor of several EV brands, including Zeekr, Omoda & Jaecoo and Mitsubishi.
Chaiyrit Simaroj, managing director and chairman of the Susco board, is aware EV sales have been affected by banks' stricter criteria in granting loans amid a high level of household debt and a price war, but the market should improve in the second half of this year.
"The price war is becoming less severe and I believe it will not recur," he said.
Though some Chinese EV makers have resorted to cutting the prices of their vehicles in a bid to stimulate sales, this has made prospective buyers reluctant to purchase new cars because they anticipate that prices may continue to fall.
This may cause manufacturers to reconsider their pricing tactic, according to business leaders in the EV industry.
The household debt issue is a major cause behind banks and car financing companies' cautious approval of loans for fear of non-performing loans.
According to the Bank of Thailand, household debt continues to decline, falling to 87.4% of GDP in the first quarter of 2025, attributed to weaker loan demand from borrowers and stricter lending standards from financial institutions.
Household debt stood at 88.4% of GDP in the previous quarter.
Mr Chaiyrit expects Susco to double its sales of EVs to 4,000 units this year, up from 2,000 units in 2024.
"Domestic oil prices remain high. This is a positive factor for EV sales," he said.
Last year Susco set a sales target of 3,200 units but ended up selling only 2,000 units, mainly because of the price war and fewer auto loans.
Asia Green Energy also believes total revenue from EV businesses will reach 10 billion baht by 2030.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Thailand eases output requirements for EV makers
Thailand eases output requirements for EV makers

Bangkok Post

time2 hours ago

  • Bangkok Post

Thailand eases output requirements for EV makers

Thailand has adjusted its electric vehicle incentive policy to give carmakers more flexibility to meet production requirements and boost exports, amid tepid domestic demand and intense competition as Chinese brands flood the local market. Under its EV policy launched in 2022, the government allowed duty-free imports on condition that the domestic EV output of automakers would match the number of imports by 2024, rising to 1.5 local units for every import by 2025. The Board of Investment (BoI) said on Wednesday that locally produced EVs that were exported would now count towards the target, a shift from the previous policy of counting only locally registered vehicles. 'The revisions approved today will allow greater flexibility and help Thailand, which is already the leader in the region's automotive manufacturing industry, to become a key EV production base,' BoI secretary-general Narit Therdsteerasukdi said. Chinese brands dominate the EV market in Thailand, with a combined share of over 70% of sales. The government's EV policy, which also includes tax breaks and price subsidies, has drawn more than $4 billion in investments, including from Chinese firms BYD and Great Wall Motors. Last year, the BoI gave an extension to the initial local production timeline to avoid oversupply, as the sector has struggled with weak demand in a sluggish economy. The revised scheme is forecast to take EV exports to about 12,500 units this year and 52,000 units in 2026, the BoI said. In April, Thailand made its first EV shipment of 660 vehicles.

Ngern Tid Lor PLC Named One of Thailand's Most Valuable Brands in Brand Finance Thailand 50
Ngern Tid Lor PLC Named One of Thailand's Most Valuable Brands in Brand Finance Thailand 50

Bangkok Post

time3 hours ago

  • Bangkok Post

Ngern Tid Lor PLC Named One of Thailand's Most Valuable Brands in Brand Finance Thailand 50

Ngern Tid Lor Public Company Limited, a subsidiary of Tidlor Holdings (TIDLOR), has been recognized as the top-ranking Thai non-bank brand in the Brand Finance Thailand 50 list for 2025—an annual evaluation conducted by the world's leading brand valuation consultancy. Ranked 24th overall out of 50 leading Thai brands, Ngern Tidlor achieved a brand valuation of US$400 million (approximately THB 13 billion), along with a Brand Strength Index (BSI) score of 81.5 out of 100, earning a AAA- rating. The company holds the highest brand value among non-bank financial businesses in Thailand, reaffirming its position as The Leading Financial Inclusion Service Provider. The recognition reflects Ngern Tid Lor PLC's strong foundation, evolving from a vehicle title loan provider into a key player in the insurance brokerage industry. The company is committed to bridging financial gaps by offering accessible, fair, and transparent financial solutions—spanning loans, insurance services, and an expanding InsurTech platform. Ngern Tid Lor PLC continues to drive brand development in tandem with financial technology innovations, offering user-friendly services through both offline and digital channels. Flagship platforms include 'Shield Insurance,' 'Areegator,' and ' all designed to improve financial access and promote sustainable financial well-being for the Thai people. The Brand Finance Thailand 50 rankings are based on internationally recognized standards, including financial performance, market share, brand strength, and future revenue potential. These rankings provide key indicators of brand stability and business competitiveness. For updates and investor information, visit:

THAI Hosts Global Conference, Charts Post-Rehab Future
THAI Hosts Global Conference, Charts Post-Rehab Future

Bangkok Post

time4 hours ago

  • Bangkok Post

THAI Hosts Global Conference, Charts Post-Rehab Future

Thai Airways International Public Company Limited hosted the THAI Commercial Conference 2025 at Bangkok Marriott Marquis Queen's Park under the theme 'Aim Further, Strive for New Heights.' The event brought together more than 300 global commercial business partners and ticketing agents across its route network—including Europe, Asia, and Australia—as well as representatives from Thailand. The annual conference served as a key platform for updating partners on the airline's current business operations and outlining its commercial strategy for the second half of 2025 and into 2026. THAI executives and staff from international branch offices also participated in the event, reaffirming the airline's commitment to strengthening global partnerships. Under the strategic framework 'Trust in THAI,' the airline introduced its new commercial direction, unveiled product innovations, and showcased the upgraded A321neo cabin and seating, featuring a completely redesigned aircraft interior to enhance the passenger experience. Reinforcing its commitment to Environmental, Social, and Governance (ESG) principles, THAI also presented the 'Good Taste for a Good Cause' initiative, promoting Thai-made products that support local communities and small businesses—helping expand Thailand's soft power globally. Expert guest speakers contributed insights on the global economic outlook and emerging travel trends, offering valuable perspectives on the future of the airline industry. The event also marked a major milestone for Thai Airways following its formal exit from court-monitored rehabilitation. Between April 2024 and March 2025, the airline reported an EBITDA of 40.31 billion baht—more than double the 20 billion baht target set under the restructuring plan. Over the past four years, THAI has transformed its operations by restructuring its organisation, optimising its fleet and route network, enhancing cabin interiors and service touchpoints, and investing in digital infrastructure. A successful debt restructuring—through liability-to-equity conversion and new share issuance—restored financial health. As of 31 March 2025, THAI reported shareholders' equity of 55.22 billion baht, a complete turnaround from the 127.23-billion-baht deficit at the end of 2020. On 8 July 2025, the Central Bankruptcy Court officially approved THAI's request to exit the rehabilitation programme, following a formal submission made in April. This approval marks the culmination of a four-year transformation that has significantly improved the airline's financial strength, operational efficiency, and long-term competitiveness. The conference reaffirmed partner confidence in the airline's renewed strategic direction and highlighted THAI's next major milestone—its planned relisting on the Stock Exchange of Thailand (SET) in early August 2025.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store