The technological transition to electric vehicles (EVs) on a global scale has led to the emergence of a new business model that differs from the model currently adopted by mainstream automakers. Such model comes in the form of EV contract manufacturing (EVCM) on an open EV platform which allows new players to be as equally accessible to the EV market as existing automotive operators. The strength of EVCM lies in its network of alliances worldwide that work to jointly develop the EV platform and integrate into the global EVCM supply chain. While this new business model should offer Thai EVCM operators business opportunities, they could find it difficult to build a solid customer base, and could face supply issues and increased competition, going forward.
Additionally, Thai EVCM operators would likely encounter the challenge of penetrating the mainstream car brand market. While some business opportunities exist for new players wishing to enter the EV market, it will likely prove difficult for them to assume any significant role in the short term. However, in the long term, the increasingly intense competition spurred by the entry of mainstream automakers into the Thai EV market could affect EVCM operators' marketing efforts and eventually weigh down on their profits.
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