Growing demand for commercial electric vehicles and batteries is expected to boost the total revenue of SET-listed Energy Absolute (EA), a renewable energy and EV developer and operator, to reach a record high of more than 41 billion baht this year, up from 27.5 billion baht in 2022.
EV and battery sales represented 25% or 10.4 billion baht of total revenue in the first half of this year.
The value of sales stood at just 472 million baht during the corresponding period of 2022.
From January to June this year, the sales volume of EVs soared by 24% to 1,445 units, compared with 1,160 units in the first six months of 2022.
Vasu Klomkliang, EA's executive vice-president for strategy development and investment planning, attributed the increase to increases in the production of batteries and EVs as well as more earnings in the company's power and renewable fuel businesses.
The company aims to increase battery production capacity at its factory in Chachoengsao to 4 gigawatt-hours, up from 1GW hour, within the fourth quarter of next year.
The company's commercial EV plant, located in the same province, has a production capacity of 9,000 cars a year.
According to EA, the number of EVs for commercial purposes in the country currently stands at roughly 1.4 million units. Roughly 75,000 to 82,000 units per year are newly registered in this category.
"High oil prices have caused transport operators to shift to EVs. This is our business opportunity," said Mr Vasu.
The company made a rapid investment in the EV industry because it wants to compete better with foreign EV makers in the domestic market. The company wants motorists to become familiar with its brands.
EA assembles electric boats under the Mine Smart Ferry brand, electric buses under the Mine Bus brand, electric trucks under the Mine Truck brand and electric mini-trucks under the Mine Mini Truck brand.
The company said it will spend 11 billion baht to support its businesses this year. Some 63% of the budget will support EA's plan to upgrade its battery production capacity to build what it calls a "gigafactory".
In the biodiesel business, EA has boosted its revenue by adding value to its biodiesel products, which have been developed into new building materials used as wall coatings, which are able to keep a room's temperature at a specific level.