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Category: Automotive

Retail News Asia is committed to providing both local and global retailers with the latest Auto and Car news throughout the Asian market. This on a daily base.

  • Thaco H1 profit falls as auto market remains listless

    Thaco H1 profit falls as auto market remains listless

    Automaker Thaco Group reported first half profits of VND1.076 trillion (US$45.6 million), or less than a quarter of last year’s figure, amid an auto market slump.

    Its profit margin of 2.1% was a fifth of the rate in the first half last year, the company said in a financial report it sent to the Hanoi Stock Exchange.

    The car market has been sluggish since the last quarter of 2022. Thaco Group recently slashed the prices of many models it manufactures and distributes by hundreds of millions of dong (VND100 million = $4,114) to stimulate demand.

    Thaco Group still has a sales target of over 120,000 vehicles for this year, including 96,000 passenger cars, 23,500 trucks and 1,500 buses and mini buses.

    According to statistics from the Vietnam Automobile Manufacturers Association, Thaco sold some 58,000 cars in the first eight months of this year, down 40% year-on-year and only 48.3% of its target.

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  • Mercedes-Benz Unveils New MBUX-Based In-Car Payment Tech

    Mercedes-Benz Unveils New MBUX-Based In-Car Payment Tech

    Mercedes-Benz has introduced a new feature in Germany that allows customers to initiate digital payments via the MBUX system using fingerprint authentication. The company has tied up with Mastercard to offer the embedded payment service which for now will be useable across 3,600 service stations in the country. The tech uses a dedicated Mercedes Pay+ app to offer the service and uses the fingerprint sensor built into the MBUX system to authenticate payments.

    When a driver arrives at a connected service station and turns off the engine, the Mercedes me Fuel & Pay service will automatically activate on the MBUX infotainment system where the driver can then select the appropriate gas pump. Before refueling, the system calculates the maximum total amount based on the current fuel price and the tank’s current fuel level.

    Upon refueling, the driver can view the amount of fuel added and the invoice amount on the MBUX display. Payment is automatically processed, allowing the driver to leave the gas station without visiting the checkout area. The invoice is subsequently sent to the customer via email.

    “With Mercedes pay+, we are making everyday life easier for our customers. From now on, they can pay their fuel bill directly from their car using their fingerprint –, securely, and conveniently,” said Franz Reiner, Chairman of the Board of Mercedes-Benz Mobility AG.

    Customers with Mastercard and Visa credit or debit cards issued in Germany can utilise native in-car payments by registering their card in the Mercedes me user account and activating Mercedes pay+ via the MBUX infotainment system. The use of fingerprint payments from the car is expected to expand to other vehicle-related services and European markets in the near future.

  • Porsche Vietnam presents new Cayenne

    Porsche Vietnam presents new Cayenne

    The third generation of Porsche “Sports Car for Five” features comprehensive upgrades to the powertrain, chassis, design, and equipment, further enhancing driving performance and offering luxurious comfort.

    With the vision “Further Together”, Porsche Vietnam unveiled the all-new and thoroughly refined Cayenne. The third generation of the luxury SUV made its national debut at the Contemporary Space of Porsche Cayenne at Porsche Centre Saigon and Porsche Studio Hanoi, equipped with a highly digitalized display and control concept, new chassis technology, and innovative high-tech features.

    Ever since its world premiere in 2002, the Cayenne has been a game-changer. Combining the performance characteristics of a Porsche with luxury and utility, it is the definitive sports car in the SUV segment and a true pioneer.

    Since its establishment in 2007, Porsche Vietnam has been turning sports car dreams into reality. One-third of all Porsche vehicles delivered in Vietnam are Cayenne models, making it the best-selling Porsche here to date.

    “We are excited to introduce the new Cayenne in Vietnam with a tremendous product upgrade. The new Cayenne creates more opportunities for Vietnamese Porsche fans to experience their dream sports car than ever before,” said Andreas Klingler, general director of Porsche Vietnam.

    Key highlights of the new Cayenne include high-definition HD Matrix LED Headlights that provide road illumination tailored to every driving situation, an air quality system that filters pollutants from the air in the interior, and, for the first time in the Cayenne, front passengers have their own infotainment display—for streaming videos during the trip, for example.

    With its extensively upgraded design and more powerful engine range, the Cayenne emphasizes its claim to be the sportiest car in its segment.

    A highly significant model launch adds to Porsche Vietnam’s momentum. Since it was officially established in 2007, Porsche Vietnam has grown to become one of the most exciting markets for Porsche, both from a global and regional perspective.

    After marking its 15th anniversary in 2022, Porsche Vietnam carries a positive momentum forward into 2023, Porsche’s 75th anniversary year, with the launch of the new Cayenne. Porsche has maintained a steady position as Vietnam’s top luxury sports car brand.

    “We see an increasing number of Porsche cars on the roads of Vietnam. Our biggest achievement so far is building and spreading sports car fascination, nurturing a passion for the brand, and turning sports car dreams into reality. This reflects the aspirations that motivate us, and more notably, it underscores the passionate support from our valued customers and fans in Vietnam,” Klingler said.

    At Porsche, the brand interacts with sports car enthusiasts in engaging and innovative ways. Porsche’s already attractive product portfolio now receives a boost with the new Cayenne, with a comprehensive range of upgrades ready to take any family further together.

    The all-new Cayenne: Featuring Porsche Driver Experience

    Porsche has integrated a completely revised display and control concept into the new Cayenne.

    The new Porsche Driver Experience, first introduced in the Porsche Taycan, focuses on the driver’s axis and optimizes operation. Functions that the driver frequently uses are located directly on or immediately next to the steering wheel.

    For example, the lever located on the left behind the steering wheel now has additional functions for operating the driver assistance systems. The automatic transmission selector lever in the new Cayenne is now on the dashboard.

    This makes room on the new center console for storage compartments and a large air conditioning controller in an elegant black panel design.

    Large, easily accessible controls combined with mechanical air conditioning switches and a haptic volume controller ensure optimum operability and a refined look.

    A key feature of the new Porsche Driver Experience is the balance between digital and analog elements. For the first time, the redesigned cockpit of the Cayenne includes a fully digital 12.6-inch instrument cluster with a curved and free-standing design and variable display options. An optimized head-up display is also available.

    The standard 12.3-inch central Porsche Communication Management display integrates harmoniously into the new dashboard and provides access to all the relevant vehicle functions.

    Native apps such as Spotify® and Apple Music® are provided to optimize connectivity in the new Cayenne. A 10.9-inch display is now available for the first time on the passenger side.

    This enriches the front passenger’s driving experience by displaying performance data, providing separate access to the infotainment system controls, and, depending on the market, offering the option of streaming video content on the road. A special foil ensures that the driver cannot see this display.

    Refined design, innovative lighting technology

    The new Cayenne now has a particularly expressive appearance. A new front end combined with more strongly arched wings, a new bonnet, and technically appealing headlights emphasize the vehicle’s width.

    Three-dimensionally designed taillights, uncluttered surfaces beneath, and a new rear apron with an integrated number plate holder characterize the rear-end design of the new Cayenne.

    An expanded color palette with three new colors, lightweight sports packages saving up to 33 kilograms for the Cayenne Coupé, and a new extensive range of 20, 21, and 22-inch wheels make it possible to configure the new Cayenne individually and dynamically.

    Matrix LED headlights are now standard in the new Cayenne. HD matrix LED headlights are a new optional feature.

    With two high-definition modules and more than 32,000 pixels per headlamp, their innovative technology picks out other users and blocks out the light of the high beam for them with pixel accuracy so as not to dazzle them.

    The brightness of the modules can be regulated in more than 1,000 steps, depending on the driving situation. Customized light modes increase safety and comfort in different driving situations.

    Porsche has also introduced an air quality system in the new Cayenne.

    As standard, the vehicle uses predictive navigation data to detect approaching tunnel entrances and automatically activate air recirculation.

    Optionally, a sensor detects the level of fine dust particles in the air and passes them through the fine dust filter multiple times if necessary. Furthermore, an ionizer removes many germs and pollutants from the air, which is particularly beneficial for allergy sufferers.

    In addition, customers can use a comprehensive range of new and optimized assistance systems. These include the active speed limiter and the swerve assist, the cornering assist, and the improved Porsche InnoDrive as part of the adaptive cruise control.

    This means that the new Cayenne is even better at helping its driver in dangerous situations as well as in traffic jams on motorways and main roads.

    Increased range between ride comfort and performance

    Porsche now equips the Cayenne at the factory with a steel spring suspension, including Porsche Active Suspension Management.

    New shock absorbers with 2-valve technology and thus separate rebound and compression stages allow optimized performance in all driving situations.

    Comfort at slow speeds, handling during dynamic cornering, and pitch and roll support have been noticeably improved.

    The driving experience can be additionally enhanced with the new adaptive air suspension with 2-chamber, 2-valve technology. This improves the driving experience with a soft suspension characteristic, stabilizes the vehicle, and simplifies on-road and off-road handling compared to both the standard suspension and the predecessor model.

    At the same time, the adaptive air suspension improves driving precision and performance and reduces body movements in dynamic driving situations. The suspension also offers an even sharper differentiation between Normal, Sport, and Sport Plus driving modes.

    The all-rounder: More power and sportier

    In Vietnam, the new Cayenne debuts with three different versions.

    An extensive refinement of the four-liter V8 biturbo engine developed by Porsche replaces the previous V6 engine in the new Cayenne S.

    With a maximum output of 349 KW (474 PS) and a torque of 600 Nm, 25 kW (34 PS) and 50 Nm more than its predecessor, it accelerates both the SUV and the SUV Coupé to 100 km/h in 4.7 seconds.

    The top speed is 273 km/h. The entry into the world of the Cayenne comes with an optimized three-liter V6 turbo engine. It now generates 260 kW (353 PS) and 500 Nm, which is 10 kW (13 PS) and 50 Nm more than before.

    The Turbo GT, designed for maximum on-road performance, is still the top model in the Cayenne range in most Porsche markets.

    It is available exclusively as a coupé and benefits from all the optimizations and innovations of the model series. In addition, the output of the four-liter V8 biturbo engine of the Turbo GT has been increased by 14 kW (19 PS) to 485 kW (659 PS).

    The Cayenne Turbo GT accelerates from zero to 100 km/h in 3.3 seconds, with a top speed of 305 km/h. The all-new Cayenne models are available to order now from Porsche Vietnam.

    The price of all 5 versions of Cayenne is VND5.56-14.36 billion. All prices are estimated and include import tax, SCT, VAT, and local service packages.

    Porsche in Vietnam continues to grow with Porsche Centre Saigon in HCMC, Porsche Centre Hanoi, and Porsche Studio in Hanoi.

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  • Honda To Pull The Plug On Car Sales In Russia In 2022

    Honda To Pull The Plug On Car Sales In Russia In 2022

    Honda Motor Company has said that it won’t be supplying new cars to its authorized dealers in Russia in 2022 as the company is trying to restructure its operations. The Japanese automaker has confirmed that it would keep its presence in the Russian market with motorcycle and power equipment sales only. The news comes after a drastic drop of 50 percent in its sales operations last month in Russia.

    Even in India, Honda has shut down its Greater Noida plant and has shifted its entire production unit to the company’s other facility in Tapukara, Rajasthan. The carmaker has said that it has realigned its production operations “to maintain sustainability by leveraging production and supply chain efficiencies.” From this month, the manufacturing operations for vehicles and components will happen at the Tapukara plant for all domestic sales and exports. Until last month, the Greater Noida plant produced models like the Honda City sedan, CR-V SUV, and the Civic sedan. While the transition will see the production of the City move entirely to the Tapukara unit, at present, the company has also stopped the production of its flagship models, the Civic sedan and CR-V SUV.

    As far as the Russian market is concerned, Honda does not have any manufacturing unit in Russia, unlike its other Japanese counterparts like Toyota and Nissan. All Honda models are sold as CBUs in the Russian market, and the carmaker sold just 79 units last month. Its sales from January to November were down by 15 percent at 1,383 units, while over 1.3 million new cars were sold in Russia during that period.

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  • Czech Skoda cars launched in Vietnam

    Czech Skoda cars launched in Vietnam

    Automobile distributor Thanh Cong launched two Skoda models with prices from VND1-1.4 billion (US$42,300-59,300) on Saturday.

    Before the Thanh Cong Viet Hung automobile plant in northern Quang NinhAutomobile distributor Thanh Cong launched two Skoda models with prices from VND1-1.4 billion (US$42,300-59,300) on Saturday.
    Before the Thanh Cong Viet Hung automobile plant in northern Quang Ninh Province comes into operation, Skoda cars will be imported from Europe.

    The imported models are the C-segment SUV branded Karoq priced at VND1-1.09 billion, and the D-segment SUV branded Kodiaq priced at VND1.19-1.41 billion.

    Then Thanh Cong will distribute C and D-segment sedans.

    After 2025, electric car models such as Enyaq iV and Vision 7S will be distributed in Vietnam.

    Covering an area of 36.5 hectares and boasting a capacity of some 120,000 vehicles per year, the Skoda automobile plant in Quang Ninh will assemble B-segment cars. This is the first Skoda factory in Southeast Asia.

    Skoda will also build a distribution system with four large dealers in four major cities first, and open 30 more dealers across Vietnam in the next five years.

    Currently, Thanh Cong distributes Hyundai, Nissan and Skoda cars. Province comes into operation, Skoda cars will be imported from Europe.

    The imported models are the C-segment SUV branded Karoq priced at VND1-1.09 billion, and the D-segment SUV branded Kodiaq priced at VND1.19-1.41 billion.

    Then Thanh Cong will distribute C and D-segment sedans.

     

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  • Ford recalls over 3,200 Everest, Explorer cars for multiple problems

    Ford recalls over 3,200 Everest, Explorer cars for multiple problems

    Ford is recalling more than 3,200 Everest and Explorer SUVs to fix a battery fault, incorrectly installed exhaust filters, and faulty camera control software.

    In the case of the Everest, 1,256 cars manufactured between Nov. 24, 2021, and Feb. 3, 2023, have a low-battery charge fault, which could cause the transmission to engage “park” while moving at low speeds.

    Due to a software problem, if the battery level drops below a critical threshold, the transmission may shift into park when the vehicle is traveling at below six kilometers per hour.

    This may cause a sudden stop without the rear brake lamps illuminating, increasing the risk of an accident.

    Two cars manufactured between May 19, 2022, and June 28, 2023, are also being recalled because their diesel particulate filter has not been correctly fitted in the exhaust system to filter soot out of the exhaust gases to ensure that the vehicle complies with emission standards.

    The incorrectly fitted filter also leads to more frequent exhaust gas regeneration, resulting in reduced fuel efficiency and oil life, and non-compliance with emissions regulations.

    The Everest, Ford’s top-priced SUV, will see 1,967 recalled because of a failure in the 360-degree camera system, causing a loss of rear camera image while in reverse.

    A loss of video frames in the image processing module occurs during re-initialization or when the cameras enter sleep mode during the re-initialization process. This causes a blue image or a full blue or black screen.

    The Everest began to be recalled on Aug. 31 and the Explorer on Sept. 5.

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  • My Porsche App Now Integrated With Apple CarPlay

    My Porsche App Now Integrated With Apple CarPlay

    Porsche has expanded the functionality of the My Porsche App by integrating it with Apple CarPlay. This added functionality has established Porsche as the first automotive manufacturer to integrate vehicle functions into the CarPlay experience.

    The My Porsche App serves as a centralized hub for the digital management and control of vehicles. With this update, users can now access a range of vehicle functions directly within CarPlay. The integration brings features like real-time battery charge status, climate control adjustments, audio settings, such as sound profiles and radio station selection,  and ambient lighting adjustments. and seamless navigation input.

    Additionally, these functions can be combined into preset “wellness modes,” such as “relax,” “warm-up,” and “refresh,” accessible via quick actions within CarPlay. Furthermore, users can control various vehicle functions using Siri while driving their Porsche.

    Moreover, the My Porsche App integrates with third-party platforms like Apple Music, enabling users to access their associated apps directly through the Porsche Communication Management system.

    The updated app also displays images of the specific Porsche model within the CarPlay interface.

    To get started with this the user has to only do a quick QR code scan displayed on the PCM. As the new features get developed within the Carplay, the customers will get updates to their My Porsche App. The updated functionality has debuted in the new Porsche Cayenne, which is available now and will be rolled out to other Porsche model lines.

    “We are excited to further improve the My Porsche App and use the capabilities of Apple CarPlay to deliver a truly enhanced customer experience,” says Mattias Ulbrich, CEO of Porsche Digital and CIO of Porsche AG. “Technology and digitization are crucial factors for the enduring fascination of our brand – now and in the next 75 years.”

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  • South Korea’s Hyosung motorbikes come to Vietnam

    South Korea’s Hyosung motorbikes come to Vietnam

    South Korean motorbike brand Hyosung has come to Vietnam with the GV300R, a 300 cc vehicle whose prices start at VND148 million (US$6,200).

    It has a 29.5-horsepower engine, a smart key, an LCD screen, and a pillion that costs around VND5 million.

    The motorbikes are manufactured in China.

    Hyosung belongs KR Motors, a company established in 1978 in South Korea.

    At first it partnered with Japan’s Suzuki and assembled the latter’s products. But it established its own research and development unit in 1986 and has since been making its own motorbikes.

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  • Siri can now remotely lock your Tesla’s doors and much more

    Siri can now remotely lock your Tesla’s doors and much more

    Over the weekend, the Tesla app in the App Store was updated to version 4.24.0 and the changelist included one sentence: “Access your vehicle controls and climate from the Apple Shortcuts app.” But within that small sentence is a big change. Previously, Tesla owners could remotely handle certain tasks through the Tesla app. But with the update, the Tesla app now integrates with the Apple Shortcuts app allowing Tesla owners to say “Hey Siri” on their iPhone or Apple Watch to lock and unlock the door of their Tesla vehicles remotely, and more.
    The list of supported shortcuts, will allow you to say “Hey Siri” to get your Tesla to start and stop charging; start and stop preconditioning; open and close the trunk, the front trunk, and the charge port; enable and disable Sentry Mode and Dog Mode; and as we previously noted, it will remotely lock and unlock the doors. It also will allow Tesla users to control some basic functions via their iPhones.
    Two paid apps in the App Store, Tessie, and Watch app for Tesla, allow you to use Siri Shortcuts on your iPhone or Apple Watch to control your Tesla. But now that this ability is found in the native Tesla app for free, Tesla owners can ask Siri to remotely perform some tasks for their car without having to pay for that convenience. It should be pointed out that the Shortcuts app allows iPhone users to use both ready-made and custom shortcuts to handle tasks by asking Siri to perform them.

    Apple continues to slowly but surely take Tesla under its wing. In December, Apple Music became available on Tesla as part of an update released for the holiday season. Just last month, AirPlay code was discovered in an update to the iOS Tesla app. In theory, this would suggest that in the future, an iPhone user with a Tesla might be able to “cast” his iPhone screen to the Tesla entertainment screen.

    AirPlay allows users to wirelessly stream audio, video, photos, and other content from their iPhones to a larger screen. Instead of using Bluetooth to stream their music over the speakers on their Tesla vehicles, users could rely on AirPlay instead.
  • Ola Electric Announces MoveOS 4

    Ola Electric Announces MoveOS 4

    Ola Electric has announced a software upgrade for all Ola scooters. This latest software upgrade packs a lot of features and enhancements to the already existing features and functionalities. The company says the beta release for MoveOS 4 will take place on September 15th, followed by a public rollout somewhere around late October.

    Ola Electric has introduced their in-house developed Ola Maps, while the scooters are currently using ‘MapMyIndia’. Alongside this, some additional new features are Geofencing, Timefencing, Ride Journal, Concert mode and hill descent control system.

    To address the safety concern Ola Electric has introduced a tamper alert system that notifies both owners and bystanders in case any tampering is detected. The other features include personalised proximity settings, auto turn indicator cut-off, new trip metres, and headphone controls for music and calls. “Take-me-home” lights and favourite contacts have also been seamlessly integrated into the scooter’s functionalities.

    Ola has also introduced ‘Garage mode’ that facilitates the centralised control of multiple Ola electric scooters through a single interface. The company will also be offering application widgets and cruise control in Eco Mode. The company introduced the energy insight feature that provides users with deeper insights such as distance travelled, Fuel Saved and CO2 savings. Which will help users to track their energy consumption patterns.

    The company has made a significant change in the overall application itself, featuring a sleek dark mode for improved user experience. Over-the-air (OTA) updates can now be seamlessly implemented. The application will also be updated and will have features, including a hill hold setting, regen setting, and call settings.  The company says the application will now support biometric app lock options, which will use facial recognition or fingerprint authentication to open the app.

    A few enhancements are done to the pre-existing features such as regeneration, hill hold, charging time prediction, riding range etc. Also with MoveOS 4 document syncing, contact syncing, pairing, and touch response is now faster. Hypercharging has also been improved.

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  • VinFast becomes 3rd biggest EV maker globally

    VinFast becomes 3rd biggest EV maker globally

    VinFast has become the third most valuable electric vehicle maker behind Tesla and BYD with a market cap of US$85 billion.

    Its shares listed on the U.S.’s Nasdaq stock exchange Tuesday at $22 and closed at over $37 billion.

    VinFast’s market cap is higher than all EV startups in the U.S. combined.

    It also exceeds that of Ford Motor, GM, BMW, Volkswagen, and Mercedes-Benz.

    American company Tesla leads the industry with a market cap of $738 billion followed by China’s BYD with $87 billion.

    VinFast is followed by another Chinese company, Li Auto, with $40 billion.

    But data from Bloomberg shows that shares of EV companies that listed through special-purpose acquisition companies, like VinFast, have plummeted after listing.

    U.S. firms Lordstown Motors lost 99% of its value since its listing in October 2020 and Faraday Future 98% since July 2021.

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  • July auto sales 2nd highest for year

    July auto sales 2nd highest for year

    Auto sales jumped to 24,687 units in July, the second-highest monthly number this year behind only March.

    The Vietnam Automobile Manufacturers Association (VAMA), which provided the data – excluding TC Motor and VinFast sales – said however sales were down 18.4% year-on-year.

    The auto market has been going through a rough year amid low economic growth, with sales plummeting by 30% year-on-year in the first seven months to 162,000 units.

    Toyota sold 3,800 cars, a 31% decline.

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  • Okxe opens first motorbike service station in Hanoi

    Okxe opens first motorbike service station in Hanoi

    Hanoi’s first OKXE Motorbike Service Station officially opened at 92 Kham Thien on August 8.

    The station is the second Okxe to open in Vietnam since its online-to-offline (O2O) motorbike business model was put into operation in May 2022. The first was opened in HCMC at 40E Ut Tich, Ward 4, Tan Binh District.

    With an e-commerce platform specializing in trading motorbikes with strengths in AI and Big Data technology developed since 2018, Okxe Motorbike Service Station purchases and sells motorbikes with the market’s first warranty service at an affordable market price.

    In addition, the company provides professional vehicle repair services with a team of well-trained Okxe Care technicians.

    With a modern design and focus on customer experience, Okxe is confident in bringing a special type of motorbike buying and selling service, completely new and unprecedented.

    Okxe provides a clear look outside the motorbike and has strict requirements on the origin and legal documents for the purchase of a used motorbike.

    The company also ensures the quality of the product when building and putting into operation a vehicle quality inspection process consisting of 60 evaluation points for used motorbikes instead of committing to the quality of each vehicle sold at its stations.

    In addition to ensuring the quality of motorbikes sold, the Okxe Care team with experienced personnel also brings peace of mind to customers with a 1-year warranty policy worth more than VND3.3 million (US$139), including 10 comprehensive maintenance categories that apply to both used and new motorbikes.

    All services of Okxe are oriented towards the motto “Buy motorbikes easily, sell motorbikes leisurely,” providing a full range of motorbike buying and selling solutions, from online to offline transactions, including used and brand-new motorbikes for users with guaranteed quality and simple procedures.

    Trang Vu, Vice President of Okxe, said that after more than a year of directly participating in the motorbike business in Vietnam, the company has been recording positive signals with stable sales growth. That is also the basis for Okxe to continue its efforts to perfect the chain of products and services for users.

    “With the opening of the Motorbike Service Station in Hanoi as well as the implementation of the plan to expand the store system from now until the end of 2023, Okxe commits to providing top-quality experiences so that customers are always satisfied during the process of using our services, from considering selection, owning, and using until later transfer,” a representative of the start-up company added.

    On the occasion of opening the Motorbike Service Station in Hanoi in August 2023, Okxe is offering many attractive promotions for customers. Interested readers can read more here.

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  • Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listin

    Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listin

    Vietnamese electric vehicle maker VinFast said it expects to start trading on the U.S. Nasdaq as soon as next week after its merger into a special purchase acquisition company (SPAC) was approved on Thursday.

    On Thursday, shareholders of Hong Kong-based Black Spade Acquisition, a blank-check company, voted to approve the merger with VinFast.

    VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS “on or around August 15”.

    The remaining shareholders of Black Spade approved the merger on Thursday. In July, over 80% of the shareholders in the SPAC had opted to redeem their shares before the merger.

    The SPAC merger will not raise new capital for VinFast but the company’s founder Pham Nhat Vuong has championed a U.S. listing as the carmaker seeks to expand in the U.S. market and is building a plant in North Carolina.

    The two companies said the merger had valued VinFast at $23 billion. In comparison, the current market capitalization of U.S.-listed EV makers Rivian and Lucid are $21 billion and around $17 billion, respectively.

    It leaves VinFast’s existing shareholders, including parent company Vingroup and Vuong, Vietnam’s richest man, with 99% of shares in the company.

    “The voting results today are a vote of confidence in VinFast from Black Spade shareholders,” VinFast’s global head Thuy Le said in the statement.

    VinFast had filed for an initial public offering on the Nasdaq last December, but in May announced plans to list through a merger with Black Spade.

    Other EV makers including Faraday Future, Nikola Corp and Lucid have listed via SPAC deals but the market for such deals has faced increased scrutiny from investors and regulators.

    VinFast has shipped around 3,000 EVs to the United States from its plant in Haiphong, Vietnam. It started to deliver its first VF8 EVs in March. It has not announced U.S. sales figures.

    VinFast’s first-quarter revenue dropped 49% from the previous year and it posted a net loss of $598 million. In 2022, the company posted a loss of $2.1 billion. It has not yet made a profit.

    Vuong, who is also chairman of Vingroup, Vietnam’s largest conglomerate, told Vingroup shareholders in May that VinFast expected to sell as many as 50,000 EVs this year and could break even as soon as the end of 2024.

    The company has previously missed some of its internal delivery targets. It faces competition from established rivals led by Tesla, which have been driving down prices and bringing a range of new EVs to market.

    Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

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  • Tesla Appoints Vaibhav Taneja As Chief Financial Officer

    Tesla Appoints Vaibhav Taneja As Chief Financial Officer

    Tesla has announced that they have appointed Vaibhav Taneja as a new Chief Financial Officer (CFO). He will succeed Zachary Kirkhorn who has stepped down from the position. Taneja is of Indian descent and has been serving as the Chief Accounting Officer (CAO) of Tesla since March 2019. In addition to his new role as CFO, he will also retain his responsibilities as CAO.

    Kirkhorn will continue to support a smooth transition until the end of the year. Kirkhorn himself took to LinkedIn to announce his departure from the role of Tesla’s CFO. He shared his pride in the accomplishments made during his tenure and expressed his appreciation towards the employees and the leadership of CEO Elon Musk. Kirkhorn’s transition underscores Tesla’s steps to sustaining its momentum while integrating new leadership. Zachary served as CFO for 4 years and as a Vice President for 4 months at Tesla.

    Vaibhav Taneja’s journey within Tesla is marked by a series of progressively responsible roles. He has held the position of Corporate Controller since May 2018 and previously served as Assistant Corporate Controller from February 2017 to May 2018. His association with Tesla traces back to its acquisition of SolarCity Corporation in 2016. Taneja held various finance and accounting positions since March 2016 in SolarCity.

    Before joining Tesla, he worked at PricewaterhouseCoopers in both India and the US over a period of nearly two decades. Taneja is an alumnus of Delhi University where completed his Bachelor of Commerce (B.Com). He gained a license to practice as a Chartered Accountant (CA) from the Institute of Chartered Accountants of India in 2000.