Isuzu Motors has announced its plan to launch a made-in-Thailand electric pick-up truck in 2025, reported Nikkei Asia on Friday.
The move is Isuzu Motors reaffirming its footprint in Thailand after the report in June saying that it might relocate to Indonesia. Later Isuzu Motors denied that claim and said that it was not planning to move manufacturing from Thailand to Indonesia.
However, the damage was done as the share price of AAPICO Hitech Pcl. (SET: AH) on June 8 that nearly hit the floor of 30% cap on the following day of the relocation news, plunging as much as 29.29% from THB39.25 to THB27.75 per share intra day. AH’s executive tried to calm the market down late morning, which resulted in AH settling with a drop by 7% at the closing. The share price of AH is currently trading 11.50% below that level before the plunge.
According to Krungsri Capital Securities, the Isuzu pick-up truck division contributes for 30% of AH and 10% of Somboon Advance Technology Pcl. (SET: SAT) revenue.
Currently, pickup trucks account for about 50% of Isuzu’s global sales volume. This will be the first time for Isuzu to release an EV pickup truck.
