TOAVH Targets 11 Billion Baht Revenue, Expands into Green Business
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TOAVH Targets 11 Billion Baht Revenue, Expands into Green Business

TOAVH unveils a 650-million-baht investment plan to lead in powder paint production and grow its electric vehicle dealership, focusing on sustainable and innovative business growth.

TOAVH has revealed its business plan to generate 11 billion baht in revenue with a projected 5% growth. The company has announced a 650-million-baht investment to expand into green business sectors this year, aiming to become Thailand’s leading powder paint producer while strengthening its car dealership business and entering the electric vehicle (EV) market. TOAVH has partnered with five Chinese brands to build a robust, eco-friendly business.

Mr. Nattavuth Tangkaravakoon, President of TOA Venture Holding Co., Ltd., explained that in 2024, TOAVH is prioritising strong and stable business growth through the concept of “Healthy and Environmentally Friendly.” The company is focused on developing innovations in production, selecting products and services that are safe for consumer health, and environmentally responsible, all while addressing the needs of Thai consumers.

TOAVH Targets 11 Billion Baht Revenue, Expands into Green Business

To support these goals, TOAVH has expanded its investment in the green business sector with a total budget of 650 million baht, allocated as follows:

  1. Industrial Paint and Automotive Parts Business GroupTOA Performance Coking Corporation (TOAPC) is investing 300 million baht to establish a new powder coating factory in the Asia Industrial Estate (Suvarnabhumi), covering 10 rai. Expected to start production by 2026, the factory will have an initial capacity of 3,000 tonnes per year. Additionally, a further 130 million baht is being invested in the existing TOAPC factory in Samut Prakan to install new machinery, increasing production capacity to 6,000 tonnes per year.
TOAVH Targets 11 Billion Baht Revenue, Expands into Green Business

This expansion will bring TOAPC’s total production capacity to 9,000 tonnes annually, making it Thailand's largest powder paint manufacturer. Powder paint products, which reduce environmental impacts by lowering volatile organic compounds (VOCs) and CO2 emissions by up to 40% compared to oil-based paints, are in increasing demand, growing by 10% annually. TOAVH’s investment positions it to lead the growing powder paint market.

  1. Car Dealership Business Group: Primus GroupPrimus Group, a core business of TOAVH, is expanding into the electric vehicle (EV) market, focusing on advanced, environmentally friendly car brands. This year, TOAVH partnered with five Chinese EV brands: ZEEKR, DEEPAL, MG, OMODA&JAECOO, and AION, all of which boast significant potential in product R&D and manufacturing. This strategic expansion will reinforce the company's car dealership business and foster sustainable growth.
TOAVH Targets 11 Billion Baht Revenue, Expands into Green Business

TOAVH has also invested 220 million baht in the construction of a new ZEEKR showroom and service centre on Ratchaphruek Road, along with renovations of six showrooms, including the MG Evolution showroom. These upgrades will support the expansion of the EV brands, aiming for a cumulative sales increase of 10% and an income growth of 7% this year.

"The electric vehicle market in Thailand is growing rapidly, with consumer interest reflecting increased awareness and responsibility towards the environment," Mr. Nattavuth noted. BEV registrations have risen by 17.4% in 2024, with total registrations reaching 200,109 vehicles by August.

TOAVH Targets 11 Billion Baht Revenue, Expands into Green Business

Mr. Nattavuth added that TOAVH’s green business investments will enable its subsidiaries to meet growing market demands, driving significant growth and strengthening the business. TOAVH aims to achieve 11 billion baht in revenue this year, divided into 40% from the industrial paint and automotive parts group (4.4 billion baht), 50% from the car dealership group (5.5 billion baht), and 10% from other business groups (1.1 billion baht).

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