NEX Point Public Company Limited (SET: NEX) is advancing the recovery of its commercial electric vehicle (EV) business. The Company delivered 96 EVs in the third quarter of 2026, up 84.6% quarter-on-quarter and 12.9% year-on-year, serving customers in logistics, freight transport, public transport and education. It is also expanding its product range and sales channels to reach a broader customer base.
As of 30 September 2026, NEX had an order backlog of 1,647 vehicles awaiting delivery, valued at THB 6,535 million, up from THB 361 million at the end of 2025. The principal project is the supply of 1,520 electric buses for the Bangkok Mass Transit Authority (BMTA) under a vehicle supply contract with Nakhonchai Air Co., Ltd. Absolute Assembly Co., Ltd. (AAB) is responsible for manufacturing and assembly, with production having begun in September 2026. Deliveries are planned in phases during the first half of 2027, in accordance with the project’s production and acceptance procedures.
Mr. Vasu Klomkliang, Chairman of the Board of NEX Point Public Company Limited, said: “Our management team has been working through legacy issues, including receivables and inventory, while securing new business and preparing for delivery. Today, increased deliveries and our order backlog give us a clearer view of the potential for business recovery. Our next steps are to control costs, deliver according to plan and align cash collections with the funding needs of each project, so that growth is supported by the cash flow needed to sustain operations.”
NEX’s capabilities are supported by its electric bus manufacturing and assembly base in Thailand through AAB, the battery technology and charging infrastructure of the Energy Absolute Public Company Limited (SET: EA) Group, and spare parts services, technical support and maintenance through NEX Autopro. These capabilities enable NEX to coordinate vehicle selection, charging systems and after-sales support to suit each customer’s travel distances, payloads and operating patterns.
On products, NEX is expanding the options available to transport operators through HOWO and SITRAK heavy-duty electric trucks from SINOTRUK, for which it has been appointed the exclusive distributor in Thailand. The manufacturer provides technical support, training and maintenance expertise. Cargo Vantastic EV serves urban goods distribution, while BAW M8 caters to corporate shuttle services, car rental businesses and hotels. The acquisition of Thai EV also strengthens direct sales channels and access to customers for small and medium-sized EVs.
As the Company works to improve its financial performance while remaining loss-making, it continues to pursue outstanding customer payments and manage returned vehicles for delivery to new target customers. These measures are expected to support liquidity and expand its customer base in the periods ahead. NEX is also managing inventory and tightening sales credit terms to improve asset turnover and gradually convert assets back into cash, while managing working capital for new business.
“Customers need vehicles suited to their work, charging facilities to support them and people they can turn to when maintenance is required. The capabilities of NEX, the EA Group and our partners allow us to plan these elements together, from vehicle selection through to actual operations. We want operators to adopt EVs in a way that fits their businesses, manage operating costs and have service support over the long term,” Mr. Vasu said.
