Synergetic Auto Performance Public Company Limited

Songwit Thitipunya, Chief Executive Officer of Synergetic Auto Performance Public Company Limited, or ASAP, said the company expects its business to improve further in the fourth quarter of 2026, driven by clearly growing demand for electric vehicles as oil prices remain high, together with the contribution of new models. In 2026, the company is maintaining its sales growth target of about 79% from the previous year, reaching roughly 14,500 units, supported by newly launched models such as the NEVO Q05, a fully electric B-segment SUV produced in Thailand with a starting price of about 599,000 baht. After the first half of 2026, the company had revenue of about 6.52 billion baht and expects full-year 2026 revenue to grow 70% from the previous year. On the issue of the Ministry of Finance preparing to consider adjusting the excise tax structure for fully imported electric vehicles, the company views that it is unlikely to affect the EV business of the Changan brand, since this automaker already has a production plant in Thailand in Rayong province under the name CHANGAN Automobile Rayong Factory, which officially ended production in 2025. In its used car distribution business, the company plans to sell an additional approximately 2,000 vehicles whose contracts expire in 2026, comprising gasoline and hybrid cars with no EVs, at an average value of about 400,000 baht per vehicle, or about 800 million baht in total. In addition, the company is expanding its business through Evante Company Limited, or Evante, in which ASAP holds a 51% stake, by expanding the distribution of Maxus commercial electric vehicles, and aims to increase this brand's branches to 12 in 2027 from 3 currently, namely Bangna, Ram Intra and Chonburi.

Synergetic Auto Performance Public Company Limited, or ASAP, is preparing to establish an electric vehicle assembly plant for the MAXUS brand in Thailand, with operations expected to begin around the middle of next year. Chief Executive Officer Songwit Thitipunya disclosed that the company is currently negotiating the selection of three to four potential sites for the plant and is in discussions with its MAXUS partner from China to finalize the investment structure and shareholding proportions. Assembly of EVs will begin in CKD form, after an initial phase of importing fully built electric vehicles to market in the country. The plan falls under the MAXUS brand, with Evante Company Limited, part of the group, serving as the sole distributor of commercial electric vehicles in Thailand, in order to accommodate growth in the EV market and reduce reliance on imports of completely built-up vehicles. The company assesses that Thailand's electric vehicle market will continue to expand, forecasting a growth rate of approximately 5% compared with the previous year.

ASAP is confident that the increase in import taxes on electric vehicles (EVs) from 10% to 30-40% will not affect its business, as it has a high proportion of production in Thailand at 90%, and sees this as an opportunity for locally produced vehicles to compete better. Meanwhile, the MAXUS brand of commercial electric vehicles has received a good response, with continuous deliveries underway, and the company maintains its sales target of 300 units in the second half of this year. Mr. Songwit Thitipunya, Chief Executive Officer of Synergetic Auto Performance Public Company Limited (ASAP), revealed that the Excise Department is preparing to increase import taxes on EVs to reduce the disadvantage of locally produced vehicles, after imported EVs accounted for 63% of sales in the first seven months of 2026. The company has a proportion of imported fully built EVs of less than 10%, and the excise tax for locally produced vehicles remains at 2%, so there is no pressure on costs. The imported EVs are mostly commercial vehicles, and the government has signaled that it will adjust the tax structure to not affect this group. The tax increase may be beneficial for domestic manufacturers because more than 50% of the general EV market is imported from China, giving locally produced vehicles a competitive advantage and potentially pressuring foreign competitors to set up factories in Thailand. At the BIG MOTOR SALE 2026 event, the company launched four MAXUS commercial EV models: MAXUS eDeliver 5, eDeliver 7, eDeliver 9, and eTerron 9, which received a good response with satisfactory reservations and are being delivered gradually. The company maintains its MAXUS sales target of 300 units in the second half of this year, increasing to 1,500 units in 2027 and 2,200 units in 2028, while accelerating the expansion of its dealer network nationwide.

ASAP, or Synergetic Auto Performance Public Company Limited, expects clear business growth in the third quarter of 2026, as its subsidiary, Eternity At One Company Limited, which is the distributor for CHANGAN electric vehicles, has a large number of orders awaiting delivery. By the end of the first half, the backlog of orders for various models, such as the NEVO Q05, totaled over 3,000 units, with deliveries to be made gradually until the end of this year. The company maintains its target of selling 14,500 electric vehicles in 2026, following the successful launch of the NEVO Q05, a 100% electric SUV produced in Thailand with a starting price of 599,900 baht. Revenue this year is expected to grow by about 70% from the previous year, supported by other businesses such as insurance and car rental. Regarding the government's plan to raise import duties on fully assembled vehicles, the company believes it will not affect CHANGAN's business, as it already has a production plant in Rayong, Thailand. The company is also expanding its commercial vehicle business through the MAXUS Commercial brand, aiming to open a total of 12 showrooms by 2027.

Synergetic Auto Performance Public Company Limited, or ASAP, reported second quarter 2026 net profit surged 455.53% to 60.87 million baht from 10.96 million baht a year earlier, driven mainly by new car sales revenue rising 2.16 billion baht. Total quarterly revenue reached 4.22 billion baht, up 99.66%, while cost of sales and services rose 101.78% to 3.98 billion baht and finance costs fell 20.92% to 56.23 million baht. For the first six months, net profit totalled 74.36 million baht, up 154.76% from 29.19 million baht, with six month revenue at 6.51 billion baht, an increase of 76.08%.