Sharge Management Co, a provider of charging systems for battery-powered vehicles, expects its revenue to grow by 7% this year despite a decline in new electric vehicle (EV) registrations in 2024.
Battery EV registrations fell by 8% to 70,137 vehicles last year, compared with a year-on-year rise of 684% to 71,314 units in 2023, according to the Electric Vehicle Association of Thailand.
Sharge expects to earn 750 million baht in 2025, rising from 700 million baht last year amid sluggish domestic car sales, which have been attributed to difficulties in accessing loans and the complicated process of applying for EV insurance.
Banks and car financing companies have tightened their lending criteria because of concerns about non-performing loans given the high level of household debt.
Sharge plans to lift revenue by forming partnerships with business operators that want to shift from oil-powered cars to EVs as well as EV leasing firms, said Peerapatr Sirichantaropart, chief executive of Sharge Management.
The company's target customers include EV assemblers.
Local and overseas companies still want to adopt electric mobility technology to keep themselves in line with international campaigns to cut carbon dioxide emissions, said Mr Peerapatr.
The transport sector, which is dominated by internal combustion engine-powered vehicles, is a major source of carbon dioxide.
In addition to the environmental benefits, drivers can also reduce their fuel expenses by 60-70% if they change from oil-fuelled cars to EVs, according to Sharge.
The company recently partnered with Lalamove Thailand, an on-demand delivery service provider, to offer charging services to its EV drivers.
There are 1.2 million vehicles in logistics and delivery businesses in Thailand, but only 673 of them, or 0.05%, are EVs, according to the Department of Land Transport.
Sharge Management has postponed its plan to list on the stock market, citing the slowdown in EV sales.
Mr Peerapatr said domestic EV sales should improve as growing concerns over global warming will encourage more motorists to use new-generation cars.