PACO predicts a golden year with revenue growth surpassing 1 billion baht, continuous growth in the core REM business, high margins, and a bright future for the new OEM automotive air conditioning business.

"PACO" or President Automobile Industries Public Company Limited is confident that this year, revenue will grow strongly, exceeding 1 billion baht for the first time. The main factors contributing to this growth are: 1. Revenue from the new business of manufacturing automotive air conditioning parts for car manufacturers (OEM), which will start to be recognized significantly from this year onwards. 2. The core business of producing and selling various automotive air conditioning spare parts (REM) domestically and for export worldwide, which is showing good growth after the country reopened. 3. The introduction of new product lines such as EV Battery Coolers, automotive radiators, compressors, and automotive suspension parts, which will help increase revenue. 4. The depreciation of the Thai baht, which benefits the export business, accounting for over 60% of the company's total revenue.

Mr. Somchai Lertkrachakitti, CEO of President Automobile Industries Public Company Limited ("PACO") stated that PACO has successfully expanded into new businesses, particularly in the OEM market for automotive parts. The first major client is a large automotive manufacturer focusing on electric vehicles, including EVs and Plug-in Hybrids, which are increasingly popular worldwide. PACO has received orders worth 1.2 billion baht, ensuring stable revenue for over 5 years for the OEM business and 10 years for the OES parts manufacturing business. Furthermore, the company has been approached by several manufacturers to propose the production of automotive air conditioning parts and other components, indicating a clear growth potential in the OEM business. The industry is expanding again due to the recovery of the global economy, along with the gradual launch of new electric vehicle models by various manufacturers. PACO has a production line with internationally standard machinery, ready to produce products for customers immediately without additional investment, and faces limited competition in this sector, leading to confidence in securing more OEM contracts.

At the same time, PACO aims to increase revenue from its core business, which involves automotive air conditioning spare parts, for domestic sales and exports worldwide. The company plans to continuously expand its market domestically with a goal of establishing 300 PACO Auto Hub branches for comprehensive automotive air conditioning spare parts by the end of this year, which will help boost sales and enhance brand recognition among car users in the country. Additionally, the company plans to continuously launch new products such as automotive radiators, air conditioning compressors, automotive suspension parts, oil coolers, alternators, and starters, as well as expand its line of air conditioning products for luxury cars. For the export market, PACO expects good growth in line with the recovery of the global automotive market, particularly following the reopening of the United States and Europe. The company's main export markets are in the Middle East, which is experiencing economic improvement due to rising global oil prices. Therefore, PACO is confident that this year's performance will meet its targets.

Regarding the electric vehicle (EV) market, PACO has produced battery coolers, which are essential components for BEV and PHEV vehicles. Currently, PACO manufactures battery coolers for Tesla, the world's leading electric vehicle brand, for the Tesla Model X and Model 3, as well as for the current BMW Series 3 and Series 5 Plug-in Hybrids (G20 and G30), which are highly popular worldwide. PACO is the first Thai automotive parts manufacturer to enter the battery cooler market for both exports and domestic sales, as the government prepares to implement measures to stimulate the electric vehicle market. This is expected to support the recovery of the automotive industry in Thailand. Additionally, if the COVID-19 pandemic situation improves, it will further aid the global automotive industry's recovery. The company remains committed to continuously developing and producing new products to meet the diverse market demands," Mr. Somchai concluded.