Automotive parts maker Ingress Corp. Bhd expects Thai auto production to reach 600,000 units next year, driving turnover up by 30%-40% in the next three years.
Executive Vice Chairman Rameli Musa tells a Federation of Malaysian Manufacturers business seminar that total production for Thailand's automotive industry should hit the 1 million mark by 2006.
Major auto makers, includingMotor Co. Ltd., Motor Corp., Motor Co. and Mazda Motor Corp. are expected to commit further investment to Thailand in the near future, says Rameli.
He says the Ingress Plant in Thailand now accounts for 15% to the group’s total profits, and contributions from Thailand and Indonesia are expected to comprise 50% of profits by 2006. Ingress revenue in Thailand is forecast to rise to 340 million baht ($79 million) this year, 500 million baht ($116 million) in 2004 and 700 million baht ($162 million) by 2005.
The revenue growth will be fueled by Thailand’s increasing prominence as a worldwide vehicle production base, with more “world cars” being built there, Rameli says.