TEN PAO GROUP enters the Thai market for two-wheeled electric vehicle battery swap cabinets and fast charging piles

TEN PAO GROUP (01979.HK) announced its entry into Thailand's two-wheeled electric vehicle battery swapping and fast charging infrastructure market, participating in projects led by MileGreen and Wonder Capital, with key family member of CP Group, Xie Zhan, as a shareholder. The projects mainly involve setting up fast charging facilities nationwide in Thailand to provide quick battery replacement services for two-wheeled electric vehicle drivers, reducing downtime due to charging and improving the usage efficiency of two-wheeled electric vehicles.

The group's chairman, Hong Guangyi, stated that this marks the official expansion of its new energy business into the Southeast Asian market, with significant opportunities in the local transition from gasoline to electric two-wheeled vehicles. He also mentioned that the group is well-prepared for diversification in products, production capacity, and customer base to mitigate operational risks, with production capacity not relying on a single region. Production bases are spread across Southeast Asia, Europe, North America, and mainland China, and customers come from multiple regions, with revenue from direct exports to the U.S. market accounting for only 7% in 2024