AAPICO
AAPICO Hitech is a Thai publicly-listed Tier 1 automotive parts manufacturer supplying global OEMs including Toyota, Ford, BYD, and Stellantis across press parts, forging, plastics, BIW, and tooling, complemented by regional dealerships and IoT mobility products.
- Company typePublic
- Founded1985
- HeadquartersAyuthaya, Thailand
- Headcount101–250
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What AAPICO does
AAPICO Hitech Public Company Limited (SET: AH) is a Thailand-headquartered Tier 1 automotive parts manufacturer founded in 1996 by Malaysian entrepreneur Yeap Swee Chuan and listed on the Stock Exchange of Thailand since 2002. The company operates from its headquarters in Ayutthaya Province and runs three business pillars: (1) OEM automotive parts manufacturing covering metal-forming press parts, plastic parts, forging, machining, casting, tooling, jigs and dies, chassis frame components, cradles, and Body in White assemblies; (2) car dealership operations for Mitsubishi and MG franchises in Thailand and Honda and Proton franchises in Malaysia; and (3) an IoT Connectivity & Mobility business centered on the GoTrec in-vehicle camera/dashcam product line.
AAPICO's core manufacturing technology spans the full metal-forming value chain — stamping, plastic injection, forging, CNC machining, casting, and proprietary jigs-and-dies production — with the latter valued at an estimated THB 2.5 billion (US$85 million) for the VINFAST vehicle program alone. The company supplies a globally diversified OEM roster that includes Toyota, Isuzu, Mitsubishi, Mazda, Honda, Nissan, Ford Auto Alliance, Mercedes-Benz, BMW, Volkswagen, Stellantis, BYD, Geely, Changan, Chery, Great Wall Motor, SAIC, VINFAST, and Scout Motors, plus Tier 1 customers Dana, American Axle, Continental, and Magna. Manufacturing presence spans Thailand, Malaysia, China, Portugal, India, USA, Mexico, and Vietnam across approximately 54 subsidiaries and associated companies.
The business model is anchored in B2B OEM direct supply under negotiated long-term contracts, complemented by downstream retail revenue from owned dealerships and modest managed-services revenue from IoT products. Strategic emphasis has shifted toward capturing localization content from Chinese EV makers expanding into Southeast Asia (CHANGAN partnership for Rayong, 100,000-200,000 vehicle annual capacity, with a procurement pipeline exceeding 20 billion baht) and into North America via the SODECIA AAPICO joint venture supplying ladder frames to Scout Motors from a $120 million facility in Orangeburg County, South Carolina. Reported revenue declined from THB 30.0 billion in 2023 to THB 25.8 billion in 2025, and net profit attributable to equity holders fell from THB 1.6 billion to THB 0.7 billion over the same period — a trajectory management attributes to Chinese EV-driven OEM disruption. The company has signaled a 2048 carbon-neutrality target and holds ISO 14064-1:2018 certification, alongside six consecutive years of inclusion in Thailand's Sustainability Investment (THSI) list.
AAPICO firmographics
Firmographics- Name
- AAPICO
- Legal name
- AAPICO HITECH PUBLIC COMPANY LIMITED
- Website
- https://aapico.com
- Company type
- Public
- Founded year
- 1985
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- AAPICO Hitech is a Thai publicly-listed Tier 1 automotive parts manufacturer supplying global OEMs including Toyota, Ford, BYD, and Stellantis across press parts, forging, plastics, BIW, and tooling, complemented by regional dealerships and IoT mobility products.
- Ownership category
- akta.pro rank
AAPICO industry classification
Industry- Product category
- Automotive Parts Manufacturing
- NAICS
- Motor Vehicle Parts Manufacturing (3363)
- SIC
- Motor Vehicle Parts & Accessories (3714), Motor Vehicles & Passenger Car Bodies (3711)
- akta.pro primary industry
- Automotive Exterior Body Panels & Closures Manufacturing (Bumpers/Fenders/Hoods/Doors/Tailgates) (IMACAKAD)
- akta.pro secondary industry
- Truck Body & Upfit Manufacturing (Box/Dump/Service/Refuse) (IMACAGAC)
Keywords
Where AAPICO is headquartered
LocationHeadquarters
- HQ city
- Ayuthaya
- HQ country
- Thailand
- HQ region
- Asia
Offices4 records
Markets served
AAPICO business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- OEM Auto Parts Manufacturing: Manufacturing and supply of original equipment manufacturer auto parts including metal-forming parts, plastic parts, forging, machining, casting parts, and toolings to automotive manufacturers globally.
- Car Dealerships: Operation of Mitsubishi and MG dealerships in Thailand, Honda and Proton dealerships in Malaysia, including after-sales service.
- IoT Connectivity and Mobility: IoT technology services and mobility solutions including GoTrec camera products for vehicles.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
AAPICO product offering
Product offeringCore offering
AAPICO Hitech is a Tier 1 automotive parts manufacturer that designs and produces OEM components including metal-forming (press) parts, plastic parts, forgings, machined components, castings, jigs, dies, tooling, chassis frame components, and Body in White assemblies. The company also operates car dealerships (Mitsubishi and MG in Thailand; Honda and Proton in Malaysia) providing vehicle sales and after-sales service, and runs an IoT Connectivity & Mobility business offering the GoTrec in-vehicle camera brand.
Product overview
AAPICO is a Tier 1 automotive parts manufacturer and dealership operator based in Thailand with over 30 years of industry experience. The company operates three core business pillars: Manufacturing of OEM Auto Parts (producing metal-forming parts, plastic parts, forging and machining parts, casting parts, jigs, dies, press parts, chassis frame components, cradles, and toolings), Car Dealerships (operating Mitsubishi and MG franchises in Thailand, Honda and Proton in Malaysia), and IoT Connectivity & Mobility (offering the GoTrec camera/dashcam product line and related connectivity services). AAPICO also manufactures specialized components including Body in White (BIW) parts and ladder frames through joint ventures. The company supplies to major OEMs including Japanese manufacturers (Toyota, Isuzu, Mitsubishi, Mazda, Honda, Nissan), Chinese EV makers (BYD, Geely, Changan, Chery, Great Wall Motor, SAIC), Vietnamese manufacturer VinFast, and global brands (Ford, Mercedes-Benz, BMW, Volkswagen, Stellantis).
Differentiator
Problem solved
Functional benefit
Brands
- GoTrec: IoT automotive electronic brand offering car electronic accessories, including dash cameras and safety devices. A collaboration with Nuro Technology Incorporated (Taiwan) and Otonavi Sdn. Bhd (Malaysia).
- AAPICO Forging
- AAPICO Hitech Parts
Products and services
- OEM Automotive Parts Manufacturing AAPICO manufactures original equipment manufacturer (OEM) auto parts including metal-forming parts, plastic parts, forging and machining parts, casting parts, jigs, dies, press parts, chassis frame components, cradles, and toolings. The company operates globally with manufacturing facilities across Thailand, Malaysia, China, India, Europe, USA, Mexico, and Vietnam, supplying Tier 1 automotive OEMs.
- Car Dealership Operations
Quantifiable outcome
- Carbon Neutrality target by 2048
- +1 more outcomes
Companies that use AAPICO
Customer profileNamed customers22 records
Segments4 records
Ideal customer profiles3 records
AAPICO technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
AAPICO partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- SODECIAcoreJoint venture partnership with Portugal-based SODECIA to manufacture ladder frames for Scout Motors in the United States. Investment of $120 million for 400,000 sq ft facility in Orangeburg, South Carolina, creating nearly 400 jobs. Both companies are family-owned global automotive manufacturers combining core strengths.
- CHANGANcorePartnership for localizing EV components in Thailand. CHANGAN investing 8.8 billion baht in Rayong production base with annual capacity of 100,000 vehicles (increasing to 200,000). Total procurement plan of more than 20 billion baht for Thai parts manufacturers including AAPICO.
- HyojinminorPartnership with Hyojin Autotech Co., Ltd and TPMSB to establish AAPICO HYOJIN AUTOTECH CO., LTD. in Thailand for automotive parts manufacturing.
- VINFASTcoreJoint venture to establish press shop and assembly operations in VINFAST's Supplier Park in Haiphong, Vietnam. Total investment of THB 1.8 billion (US$60 million). AAPICO holds 51%, VINFAST holds 49%. Purpose is to supply Body in White parts for first two VINFAST vehicle models. AAPICO responsible for overall management, technology, know-how, plant layout, and equipment sizing.
- Sumino KogyominorJoint venture with Japanese Hiroshima-based Mazda supplier Sumino Kogyo to make and sell precision press welding parts for OEMs in Thailand. Grand opening of Sumino AAPICO (Thailand) Co., Ltd. in October 2014.
- Lemtech HoldingsminorJoint venture company in Thailand with Lemtech Holdings Co., Ltd. (Taiwan-listed company). Issued share capital of THB 40 million.
Scale indicators8 records
Recent moves8 records
Expansion highlights6 records
AAPICO competitors and assessment
Company assessmentBroad incumbents
- Aisin Corporation: Japanese Tier 1 supplier with broad drivetrain, body, chassis, and aftermarket product lines — comparable multi-pillar Tier 1 model to AAPICO, with deeper global footprint.
- Magna International: One of the world's largest Tier 1 automotive suppliers with broad capabilities across body, chassis, powertrain, and seating — directly comparable to AAPICO's multi-pillar Tier 1 model but at vastly greater scale and global footprint.
- Continental AG: Mass-market Tier 1 supplier with broad automotive component portfolio (brakes, electronics, chassis) — comparable to AAPICO as a multi-product Tier 1, and listed as an AAPICO customer for parts supply.
Direct peers
- Sodecia: Portugal-based global automotive manufacturer specializing in body-in-white, chassis, and ladder frames — directly comparable to AAPICO's structural and BIW capabilities, and AAPICO's JV partner in the Scout Motors US project.
- Press Kogyo: Japan-based Tier 1 supplier specializing in automotive forgings and chassis components — directly comparable to AAPICO's forging and chassis frame manufacturing, with overlapping Japanese OEM customers.
- Dana Incorporated: Global Tier 1 supplier of driveline, sealing, and thermal-management technologies for automotive and commercial vehicle OEMs — directly comparable to AAPICO's chassis and component manufacturing, and listed as an AAPICO customer.
- American Axle & Manufacturing: Tier 1 supplier specializing in driveline, chassis, and forged components to global OEMs — directly comparable to AAPICO's forging, chassis frame, and drivetrain-adjacent product mix, and AAPICO lists AAM as a customer.
- Sakthi Automotive Group: India-based Tier 1 automotive components manufacturer (forgings, castings, machinings) — comparable product portfolio to AAPICO, and AAPICO holds a 25.1% stake from a 2017 $100M investment.
- Sumino Kogyo: Japanese Mazda-affiliated Tier 1 supplier of precision press welding parts — directly comparable to AAPICO's press parts capabilities, and AAPICO's JV partner for Sumino AAPICO (Thailand).
Regional players
- Somboon Advance Technology: Thai-listed Tier 1 automotive parts manufacturer serving Japanese OEMs with castings, forgings, and machining — directly comparable to AAPICO as a domestic Thai competitor in forgings, machining, and OEM supply.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
AAPICO social profiles
Digital presenceAAPICO compliance and trust
Trust signalCompliance15 records
AAPICO financial estimates
Financial estimateRevenue estimate
Valuation estimate
AAPICO leadership team
Management profileNumber of profiles
Profiles3 records
AAPICO subsidiaries and ownership
Company hierarchySubsidiaries12 records
AAPICO funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AAPICO M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AAPICO
What does AAPICO do?
AAPICO Hitech is a Tier 1 automotive parts manufacturer that designs and produces OEM components including metal-forming (press) parts, plastic parts, forgings, machined components, castings, jigs, dies, tooling, chassis frame components, and Body in White assemblies. The company also operates car dealerships (Mitsubishi and MG in Thailand; Honda and Proton in Malaysia) providing vehicle sales and after-sales service, and runs an IoT Connectivity & Mobility business offering the GoTrec in-vehicle camera brand.
Is AAPICO a public or private company?
AAPICO is a public company. It is classified as public and is currently operating.
When was AAPICO founded?
AAPICO was founded in 1985. It employs 101 to 250 people.
Where is AAPICO based?
AAPICO is headquartered in Ayuthaya, Thailand, in the Asia region.
How does AAPICO make money?
Three revenue lines are on record. OEM Auto Parts Manufacturing is the primary driver. The others are car Dealerships and ioT Connectivity and Mobility.
Who are AAPICO's main competitors?
Broad incumbents on record are Aisin Corporation, Magna International and Continental AG. Direct peers are Sodecia, Press Kogyo, Dana Incorporated, American Axle & Manufacturing, Sakthi Automotive Group and Sumino Kogyo. Somboon Advance Technology is listed as a regional player.
Does AAPICO have an API?
No public API is recorded for AAPICO.
What industry is AAPICO in?
AAPICO's product category is Automotive Parts Manufacturing. Its primary akta.pro industry code is IMACAKAD, Automotive Exterior Body Panels & Closures Manufacturing (Bumpers/Fenders/Hoods/Doors/Tailgates), with a secondary code of IMACAGAC, Truck Body & Upfit Manufacturing (Box/Dump/Service/Refuse). Its NAICS code is 3363 and its SIC code is 3714.