AAPICO Hitech Public Company LimitedAH
▲ PositiveDemandrelevance
The three-tier EV excise tax encourages EV makers to build production bases in Thailand, expanding opportunities for AH's auto parts sales to EV makers (currently ~5% of revenue).
Impact on assets 2
Consumer Discretionary
AAPICO Hitech Public Company Limited
Somboon Advance Technology Public Company LimitedSAT
▲ PositiveDemandrelevance
The EV excise tax plan to localize EV production in Thailand could expand SAT's auto parts sales to EV makers, though its current EV parts share is still very small.
Theme Impact 3
Off-coverage companies
Related news
Thailand▲
Broker flags KGEN turnaround as revenue set to surge to 25 billion baht after EV plant stake rises to 60%
Global Securities, or GBS, says King Gen Public Company Limited, or KGEN, is entering a turnaround phase, raising its stake in Omoda & Jaecoo Manufacturing (Thailand) Company Limited, which operates the electric vehicle plants for the OMODA JAECOO and CHERY brands, from the current 43.7% to 51% in early July, and then to 60% in late July to early August. This will shift revenue recognition from the share of profit of an associate to full consolidation of both revenue and profit. Management expects that after the stake increase, revenue will grow significantly year on year to 25 billion baht, with a net profit margin of 2.5-3.0%, or roughly 600-700 million baht. Previously, KGEN reported second-quarter 2026 profit of 37 million baht, up 171% quarter on quarter and 152% year on year, after losses in the first quarter of 2026 and the second quarter of 2025. The main driver was the share of profit from its investment in that associate, whose production line began operating on 20 April 2026, while revenue from sales and services grew to 227 million baht, up 8% quarter on quarter and 36% year on year. Bookings for JAECOO and OMODA electric vehicles at the Big Motor Sale 2026, held from 21-30 August 2026, totaled 5,028 units, with deliveries scheduled for September to October 2026, an additional factor supporting revenue and profit growth. The current share price still cannot be assigned a P/E ratio because the company has posted continuous losses from 2022 through the first six months of 2026, though earnings are expected to turn around from 2026 onward. The stock trades at a P/BV ratio of 2.58 times, above its one-year, two-year and three-year averages of 2.56, 2.30 and 2.10 times respectively.
About megatrends
Electrification & Mobility › Passenger EV OEMs (BEV / PHEV) ▲Supply
Electrification & Mobility › China NEV Leaders ▲Supply
KGEN.BK · Capital · Positive Broker flags KGEN turnaround as raising its stake in the EV plant to 60% shifts to full consolidation, lifting revenue to 25 billion baht and turning earnings positive.
Omoda & Jaecoo Manufacturing (Thailand) · Capital · Positive KGEN is raising its stake in Omoda & Jaecoo Manufacturing (Thailand) from 43.7% to 60%, shifting to full consolidation of the EV plant's revenue and profit.
Jaecoo (Chery Jaecoo Automobile) · Demand · Positive JAECOO and OMODA EV bookings at the Big Motor Sale 2026 totaled 5,028 units with deliveries in September-October 2026, supporting revenue growth.
United States
ChinaTesla Q3 Deliveries Beat Estimates by 5.3% as Energy Storage Misses
Tesla's third-quarter deliveries beat company-compiled analyst expectations by 5.3%, though they declined 2.1% from a year earlier, a drop partly cushioned by Q3 2025's tax credit boost. Seeking Alpha analyst Oliver Rodzianko said the biggest takeaway is that traditional EV demand remains resilient as Tesla pivots toward autonomous taxi services and humanoid robotics as its dominant operating models, while energy storage deployment numbers missed expectations. Rodzianko noted that Chinese rival BYD saw its battery-electric passenger-car sales rise 30.9% year-over-year in the third quarter, underscoring fierce competition in China. Analyst Alexander Grover argued the delivery number is a distraction, since Tesla's valuation assumes unsupervised self-driving at scale, and flagged that Alphabet's Waymo is running more than 500,000 paid driverless rides a week across 15 U.S. metros with LiDAR in its stack, while Tesla still does not disclose how many of its robotaxis run without a safety monitor.
About megatrends
Electrification & Mobility › Passenger EV OEMs (BEV / PHEV) Demand
Robotics & Physical AI › Autonomous Vehicles & Robotaxi Demand
Robotics & Physical AI › Robotaxi Operators & Platforms Demand
Electrification & Mobility › Western / Legacy & Pure-play OEMs Demand
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▼Demand
TSLA · Demand · Positive Tesla's Q3 deliveries beat analyst expectations by 5.3%, with traditional EV demand described as resilient.
TSLA · Competition · Negative BYD's battery-electric sales rose 30.9% year-over-year, underscoring fierce competition in China.
GOOG · Competition · Positive Waymo is running over 500,000 paid driverless rides a week across 15 U.S. metros, cited as ahead of Tesla in autonomy.
002594.CS · Demand · Positive BYD's battery-electric passenger-car sales rose 30.9% year-over-year in Q3, cited as evidence of its strength in China.
United States
Mexico
CanadaTrump Tariffs Deliver Mixed Results for US Auto Industry, Analysts Say
President Donald Trump's aggressive trade policy has produced a mixed bag for American auto manufacturing, with analysts describing the gains as incremental rather than decisive. Since Trump returned to the White House, General Motors, Toyota, Ford and other carmakers have announced plans to expand US plants or shift production from overseas, navigating measures such as a 25-percent levy on imported autos. Toyota announced a $3.6 billion expansion of a San Antonio plant as it moves Tacoma pickup production from Mexico to San Antonio, while GM's $4 billion investments in Michigan, Kansas and Tennessee are not expected to lift US auto production until around 2030. Stephanie Brinley, an automotive analyst at Mobility Global, called the lift from Trump's tariffs a partial win, and industry experts view the unsettled nature of the trade measures as a hindrance to bigger wins, most recently in the dust-up between the United States and Canada that has clouded the prospects of the USMCA. Investment by auto suppliers plunged from more than $8 billion in the first quarter of 2025 to around $600 million in the two subsequent quarters before recovering somewhat, according to data from the Center for Automotive Research, whose industry economist Tyler Harp said suppliers are more exposed to tariffs and less able to absorb them than automakers. US auto employment stood at just under 1.8 million workers in September, almost one percent more than in January 2025 but more than two percent below the July 2024 peak, and Global Mobility projects US car production will be 10 million vehicles in 2026, rising to around 11.3 million in 2030.
About megatrends
Electrification & Mobility › Western / Legacy & Pure-play OEMs Regulation
7203.JP · Tariff · Positive Toyota announced a $3.6 billion expansion of its San Antonio plant and is moving Tacoma pickup production from Mexico to San Antonio to navigate the 25% import levy.
GM · Tariff · Neutral GM's $4 billion US investments in Michigan, Kansas and Tennessee are cited as a response to Trump's auto tariffs, but the article notes they won't lift US production until around 2030.
F · Tariff · Neutral Ford is named among carmakers expanding US plants or shifting production in response to the 25% auto import levy, but no specific Ford investment or outcome is detailed.