Thai Summit Group, one of the country's largest auto parts makers, remains confident in supplying electric vehicles in the long term, saying EVs are a game-changer for the automotive sector worldwide.
According to vice-president Chanapun Juangroongruangkit, EVs will transform the overall automotive outlook and could put some parts makers out of business, particularly those with a focus on carburettors, exhaust pipes or engines.
Meanwhile, manufacture of batteries -- a vital EV part -- is expected to grow rapidly. The two main elements used in EV batteries are lithium, concentrated in Chile, Bolivia and Argentina, and cobalt, found largely in the Democratic Republic of the Congo.
New businesses will emerge as well, including battery leasing, battery recycling, automotive software and ride sharing.
"Due to this new disruptive technology, every auto-related firms has to focus on and seek new alliances for a partnership on any new and higher technology," Ms Chanapun said.
She said government policy in each country will be an important accelerator for creating local EV markets.
In Thailand, emphasis will be placed on hybrid electric vehicles (HEVs), in line with investment policy.
"According to my projection, about 1.2 million EVs on the roads by 2036 is quite realistic for Thailand, and the country is behind developed countries that have set the EV direction," Ms Chanapun said.
She said Thai Summit is ready for any disruptive technology and already supplies EV parts for carmakers in the US and Japan.
The company invested 400 million baht in its R&D centre, focusing on support for lightweight materials used in EVs.
Thai Summit expects 2017 revenue of 79.8 billion baht, the fiscal year ending next March.
Ms Chanapun said Thai Summit is committed to a five-year development plan (2017-21), with the ambitious goal of becoming one of the top 100 global automotive suppliers by 2021.
Under the plan, sales at home and abroad are expected to surpass 100 billion baht.