Marubeni Corp. is entering Thailand’s electric vehicle market through a fleet management venture with coal producer Banpu PCL, betting on the country’s rapidly growing EV adoption.
The Japanese trading house will establish Prime Mobility as early as January, partnering with Banpu Next and Fuyo General Lease Co. The venture will offer comprehensive fleet services including vehicle procurement, charging infrastructure, and maintenance, initially focusing on Chinese-made electric trucks and pickups before expanding to other manufacturers.
Thailand leads Southeast Asia in EV adoption, with electric vehicles accounting for 14% of new car sales in October, according to Autolife Thailand. Industry consultant LiB Consulting projects EVs will represent half of Thailand’s auto market by 2035.
The venture targets managing about 3,000 vehicles within four years and plans to expand into neighboring markets including Indonesia and Vietnam. For Marubeni, which already operates fleet management services in Japan and other countries, the move represents an early entry into Thailand’s growing commercial EV sector.
The partnership brings together Marubeni’s fleet management expertise with Banpu’s local market presence. While Marubeni will be the largest shareholder, Banpu’s renewable energy unit Banpu Next will hold a significant stake in the venture.
