‘Tesla of Thailand’ keeps factories going in virus lockdown

BANGKOK: Thailand’s biggest electric-vehicle (EV) venture has stayed mostly in gear during the Covid-19 pandemic, with Energy Absolute Pcl continuing construction on a lithium-ion battery plant and vehicle development. The company’s Ev-boat prototypes are now being river-tested.

The firm encountered some disruptions stemming from the government’s state-of-emergency measures and business closures, which affected various projects in different ways, according to Amorn Sapthaweekul, Energy Absolute’s deputy chief executive officer.

Development of a battery plant in Chachoengsao province is running at full speed, but the lockdown “slowed” the installation of additional charging stations, he said. Disruptions delayed the commercial unveiling of its automobile model, with the date pushed back till the end of this year. Nautical vehicles are progressing faster, with the last hurdle to the operation of its EV boat fleet to ferry passengers on Bangkok’s Chao Phraya River being the government’s approval, he said.

“This segment will have a huge impact on our future revenue and profit growth. It’ll be our next chapter,” Amorn said in an interview, adding that innovation is necessary, especially during this period when many traditional industries in Thailand’s economy tumble.

Energy Absolute’s core business is power generation from renewable sources, including wind and solar. The direct stake of founder and chief executive officer, Somphote Ahunai, is worth more than Us$1bil, according to data compiled by Bloomberg. The shift toward EVS has prompted comparisons to Tesla Inc.

The interest in South-east Asia for electric vehicle production and assembly will gain momentum in one to three years due to favourable government polices, according to a commentary by Fitch Solutions.

“Thailand will further cement its position as the largest and most attractive production market in the region,” Fitch said in its report, adding that more measures are expected as Thailand tries to diversify away from tourism.