On September 22, 11:38 AM (Thailand’s time), the share price of EV-related stocks in the Thai capital market rose, following the announcement of TOR to bid for a lease project of 1,520 EV buses.
Energy Absolute Public Company Limited (SET: EA) increased by THB 0.08, or 2.22%, to THB 3.68 per share, with a total value of THB 1.05 billion.
Meanwhile, the share price of Beyond Securities Public Company Limited (SET: BYD) rose by THB 0.03, or 3.66%, to THB 0.85 per share, with a total value of THB 68.05 million.
However, Nex Point Public Company Limited (SET: NEX), its share price fell by THB 0.06, or 4.05%, to THB 1.42 per share, with a total value of THB 95.1 million.
Mr. Kittikan Chomdoung Charuworapolkul, Director of the Bangkok Mass Transit Authority (BMTA), revealed that on September 19, the BMTA announced the draft Terms of Reference (TOR) for the project to lease 1,520 clean energy air-conditioned buses (EV) for a duration of seven years, with a total budget of 15,355.6 million baht, on the BMTA’s website.
The period for public feedback is open until September 26, 2025. If no significant suggestions or additional comments are presented, the BMTA will immediately begin the tender process. However, if there are further comments, adjustments to the TOR will need to be made appropriately.
Proposers must be able to supply air-conditioned EV buses according to BMTA’s requirements, including all TOR-specified maintenance details for the 1,520 EV buses. Bidders must also place a bid guarantee with their submission worth 767.78 million baht.
The winning bidder is required to deliver all 1,520 air-conditioned EV buses to BMTA-designated locations within 360 days from the date they are officially notified to begin procurement, as specified in the official letter. Delivery must be made in installments.
If the winning bidder fails to deliver buses according to each scheduled installment, BMTA will penalize them daily on the undelivered bus count at a rate of 0.20% of the value of the outstanding buses. Additionally, the bidder must compensate for lost fare revenue at 10,000 baht per bus per day, counting from the due date stated in the contract until BMTA has accepted the buses and the charging system in full.
According to a source in the electric vehicle (EV) industry to “Kaohoon,” EA is ready to participate in the tender for the leasing project of 1,520 BMTA air-conditioned EV buses. EA is considered an experienced company, well-positioned to succeed, since they already produce EV buses and have ready manufacturing facilities.
EA’s initial operational plan (phase one) is to “Turn Inventory to Cash,” which the company is currently expediting. After regaining customer confidence, EV sales are increasing. If EA can convert its inventory into cash, the business will grow further, and the increase in market EVs will necessitate more EV charging stations.
At present, EA has roughly 600 EV tractor trucks in stock, ready for sale. They are currently in negotiations with Leo Global Logistics Public Company Limited (SET: LEO). Each tractor truck is priced at about 3.89 million baht, totaling 2.3 billion baht, with a conclusion expected soon.
As for the lithium-ion battery factory operated under Amita Technology (Thailand) Co., Ltd., the company produces batteries and energy storage systems (BESS) for electric vehicles at a 2-gigawatt capacity. These batteries could be fitted into EVs if EA wins the BMTA EV bus bid. If there is interest, EA may also lease out parts of the battery factory in the future.
On the progress in the Lao PDR project, EA, in joint venture with the Lao PDR government, has set up Super Holding Company to centrally manage clean energy in Lao PDR. The government holds 65% of shares, while EA holds 35%. The company is currently in operation, but the process will take time.
