Mitihoon – DP NEXT, a joint venture (JV) company between Banpu NEXT and Durapower, is expanding its battery business through a strategic collaboration with Rapid Motors, a company specializing in the conversion of internal combustion engine (ICE) vehicles into electric vehicles (EVs), to support a sustainable transition in Thailand’s transportation sector by jointly exploring the development of a commercial EV conversion business for transportation fleets in the country, with an initial focus on the pickup truck fleet segment, helping businesses reduce costs, improve transportation efficiency, and support decarbonization in Thailand’s transportation sector.
Mr. Suwit Pruckwattananon, Managing Director of DP NEXT, said: “In 2025, DP NEXT has delivered EV batteries for commercial vehicles to a wide range of customers, including transportation businesses, fleet service providers, and manufacturing industries, reflecting the growing demand for electric vehicles as a solution to effectively manage business costs. Amid the continued growth of the ICE-to-EV conversion industry, driven by government support and a target to convert at least 40,000 vehicles by 2027*, DP NEXT recognizes an opportunity to expand into this segment, particularly among businesses seeking to adopt electric pickup truck fleets but facing cost constraints, where the company is able to offer affordable battery solutions at competitive prices. The collaboration with Rapid Motors marks an important step in strengthening DP NEXT’s battery business for sustained growth, while creating long-term value for Thailand’s transportation industry.”
Mr. Raris Yoovidhya, CEO of Rapid Motors, said: “The company is committed to developing technology to convert ICE vehicles into EVs, with a strong focus on high standards of safety and performance in operational use. As batteries are a key component of EVs, we seek a partner with advanced battery technology expertise, offering high quality and safety standards suitable for commercial EVs that require heavy-duty operations. Our collaboration with DP NEXT will strengthen our ICE-to-EV conversion solutions to address the operational requirements of fleet customers in terms of performance and long-term investment value, while enhancing the competitiveness of both companies in the commercial EV market.
In the initial phase, both companies will jointly study and develop the conversion of ICE vehicles into EVs by integrating DP NEXT’s battery solutions with the EV conversion technology expertise of Rapid Motors to serve commercial pickup truck fleet customers, with a target production capacity of up to 1,500 units per year. This is expected to reduce fuel costs by 60-80% and lower carbon emissions by up to 15,000 tons per year. This will support the continued growth of the commercial transportation fleet market, particularly pickup trucks, which have the highest utilization rate compared to buses and heavy-duty trucks**. In the next phase, both companies will further explore opportunities to expand their collaboration into other types of electric vehicles.
DP NEXT aims to drive business growth through a strategy focused on developing battery solutions tailored to the specific requirements of all types of commercial EVs, covering applications ranging from electric tuk-tuks and electric buses to electric trucks, industrial tractor heads, and electric vessels, while also seeking opportunities to collaborate with leading partners with expertise in EV-related technologies and energy storage systems to support the long-term expansion of its battery business. Meanwhile, Rapid Motors is expanding its EV fleet to enhance its capability to serve customers, with a target to convert approximately 10% of transport vehicles in the market into EVs, which will help drive the country’s transportation sector and accelerate the broader development of a low-carbon economy.
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