AAPICO Hitech Pcl Expects to Extend Growth in 2023 from Increasing Auto Parts Orders

Yeap Swee Chuan, President and Chief Executive Officer of AAPICO Hitech Public Company Limited (SET: AH), announced that the company received a purchasing order for a second batch of automotive parts with a total value of 300 million baht for EV Car of Vinfast.

Vinfast is a Vietnam automaker company; the automotive parts from AAPICO will be used for Vinfast model VF9, which will be delivered to the U.S., Canada, Europe as well as selling them domestically in Vietnam.

The employment contract stated that producing and delivering would start from January 2023 to 2025. The company previously delivered the automotive part of the first batch in October 2022.

This year, the CEO expected AH to record continual growth from 2022, because the automotive parts order is being ramped up, also they have more orders for new models and the company has well managed its cost.

Last year was another best growth year for the company, and they assured that total revenues would grow by 30% as planned, compared with 2021, when total revenues were 20,967 million baht, under the development performance strategies and to find continuous growth opportunities in the future.