Thai automotive components manufacturer Ingress Industrial Thailand announced it had won major supply contracts worth a combined THB1.3bn (US$400m).
The company, a subsidiary of Malaysia’s Ingress Corporation, is listed on the Bangkok (SET) stock exchange.
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In Thailand it makes body and chassis parts, including vehicle doors, weather strips, other body parts and automotive piping.
Chief executive officer Abdul Rahim bin Haji Hitam said his company had signed contracts with Malaysia’s second national car company Perodua and Thai-based operations of Isuzu, Ford and Mazda.
He said the Thai-based supplier now had orders worth THB4bn to fulfill over the next five years and would spend THB366m on new capacity to meet demand.
The supplier is also looking to continue to expand aggressively in fast growing India by introducing new products and investing in new manufacturing equipment.
He expects vehicle output there to reach 4m units this year, up from 3.5m in 2017.
Abdul expects further growth to come from Malaysia in the next two years, as Proton re-invents itself and bounces back with new products.
