Niu Technologies Q3 2026 Sales Volume Rises 15.4% to 537,457 Units

Phichai Panjasang, Chief Executive Officer of AJ Advance Technology Public Company Limited, or AJA, disclosed that the company has benefited significantly from its Alibaba.com business, for which it serves as an Official Partner in Thailand. Customer response and interest have grown by roughly 20-30%, as many small and medium-sized enterprises, or SMEs, and Thai businesses have turned to expanding into overseas markets to generate new revenue amid shrinking domestic purchasing power. As a result, sales in the company's electric motorcycle business declined, while its athletic footwear and sporting goods distribution business continues to operate as normal. On the clean energy side, the company has signed a cooperation agreement and begun a Proof of Concept, or POC, pilot project with J&T Express, installing solar power systems on the rooftops of transport stations, EV charging stations, and battery swap cabinets. The installation of solar cells at the first branch is expected to be completed by early October, with full end-to-end testing of the station, battery, and electric motorcycle systems set to begin within November. If the POC results meet their targets, AJA plans to expand this clean energy ecosystem to J&T Express branches nationwide. Meanwhile, the company will hold an extraordinary shareholders' meeting on October 2 to seek approval for a convertible bond issuance of up to 700 million baht. Management stated that this is not new debt but a renewal of an existing facility previously approved by a shareholders' meeting. The original facility expired because the company carried out a private placement, which changed the shareholding proportion of existing shareholders and the capital structure, requiring a new shareholder resolution in accordance with the rules of the Securities and Exchange Commission, or SEC, and the Stock Exchange of Thailand.

The government has laid out guidelines to safeguard subsidies under its electric vehicle promotion measures, setting out a process for cases where recipients fail to produce enough domestically made EVs to fully offset imported finished vehicles, with authorities to verify the facts and proceed according to the law on a case-by-case basis. Ms. Lalida Periswiwattana, deputy spokesperson for the Prime Minister's Office, said that under the first phase of the EV support measures, known as EV3, participants must produce EVs domestically to offset imported finished vehicles at a ratio of 1 to 1 if they do so by December 31, 2024, or 1 to 1.5 if production is extended to December 31, 2025. Passenger cars or passenger vehicles with no more than 10 seats and a recommended retail price of no more than 2 million baht receive a subsidy of 70,000 baht per vehicle for those with battery capacity of at least 10 kilowatt-hours but less than 30 kilowatt-hours, and 150,000 baht per vehicle for those with battery capacity of 30 kilowatt-hours or more. Electric motorcycles receive a subsidy of 18,000 baht per vehicle. If verification finds that a recipient has not produced enough vehicles to meet the conditions, the Excise Department can claw back the subsidy on a per-vehicle basis according to the number of vehicles not offset, along with interest of 7.5% per year without compounding, and can act under the bank guarantee in line with the conditions, while there may also be liability for excise tax, penalties, surcharges or related fines. Ms. Lalida stressed that members of the public who buy EVs do not have to return the discount or subsidy, because the subsidy is paid to manufacturers or importers to deduct from the retail price, so consumers benefit through the lower price. The verification and clawback are aimed at subsidy recipients and those with obligations under the conditions of the measures. She added that having rules for clawing back the money does not mean every operator is judged to have breached the conditions. The Excise Department must verify the facts, the number of vehicles and each recipient's compliance with the conditions before issuing an administrative order, and must notify them of their rights and the time frame for appealing or contesting under the law. The government has also set guidelines for agencies to prepare a certification of compliance with the conditions for receiving the subsidy, to be signed unilaterally by the subsidy recipient, so that the status of the subsidy and the obligations of the recipient are clear, without calling such a document an agreement.