Mr. Kittikan Chomdoung Charuworapolkul, Director of the Bangkok Mass Transit Authority (BMTA), stated that on December 23, from 1:00 p.m. to 4:00 p.m., BMTA will open bidding for interested parties through e-Government Procurement System for the project to lease 1,520 clean energy air-conditioned buses (EV), worth THB 15.35 billion, using the electronic bidding method (e-bidding).
The project has a median price of THB 15.32 billion. It is expected that many parties will participate, especially those who submitted comments during the BMTA’s release of the draft Terms of Reference (TOR) on the official BMTA website for public feedback in September.
After the e-bidding is completed, the bidding committee will review the proposal details, and the winning bidder is expected to be announced within this December. BMTA will then submit the result to the BMTA board for approval and report to the Ministry of Transport and the Prime Minister.
There will be a 7-working-day period for filing appeals. Contract signing with the selected contractor is expected by the end of January 2026, after which BMTA will begin receiving the buses in 2027. According to the TOR, the contractor must deliver all 1,520 air-conditioned EV buses and 434 charging heads at designated BMTA locations within 360 days, with a rental period of 7 years.
A source from the electric vehicle industry stated that Energy Absolute Public Company Limited (SET: EA) and Nex Point Public Company Limited (SET: NEX) are well positioned to participate in this EV bus rental project, as they best meet the TOR requirements.
In addition, the EA group recently received support from financial institutions, with credit lines amounting to THB 19-20 billion in the form of a multi-tranche facility. This may be granted to subsidiaries rather than the parent company directly, at normal interest rates.
On the positive side, this financing will help restructure the debt repayment profile, reducing the burden of loan repayments, increasing the company’s cash flow from operations, and enhancing its ability to service bond debts. The improved cash flow can be used to settle more bond debt, ensuring greater stability for bondholders.
Meanwhile, NEX is undergoing a major strategic shift from its previous business model, which focused on “product sales,” to a new strategy aimed at becoming a “comprehensive solutions provider.” This addresses the needs of corporate and government customers who are seeking efficient, cost-controllable, and environmentally friendly transportation.
Under the old strategy, the business centered on selling electric vehicles, defining itself solely as a vehicle distributor emphasizing each vehicle’s features—such as performance, range, or technology—with most of the business operations managed internally from start to finish.
The new strategy elevates NEX to the role of a full-fledged green logistics provider, shifting from simply selling vehicles to offering “transportation solutions.” The provider manages everything from vehicle procurement, charging systems, maintenance, and fleet management, to service efficiency.
