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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.

  • Hyundai Opens Pre-Sales for China-Built Ioniq V Sedan from $17,680

    Hyundai Opens Pre-Sales for China-Built Ioniq V Sedan from $17,680

    Beijing Hyundai opened pre-sales for its Ioniq V electric sedan at the Chengdu Auto Show on Friday, pricing the entry model at 119,900 yuan ($17,680). The vehicle leads a planned rollout of 20 electrified models designed to rebuild the South Korean carmaker’s presence in China.

    Buyers can choose between three battery-electric variants ahead of the sedan’s formal showroom launch in September. The base 540 Max starts at 119,900 yuan, the 540 Max+ costs 129,900 yuan, and the top-tier 650 Max+ sells for 139,900 yuan. All three run on an 800-volt high-voltage fast-charging architecture and deliver up to 650 kilometres of range under China Light-Duty Vehicle Test Cycle standards.

    Local Hardware and Chinese Software

    Developed entirely by Hyundai’s China design centre, the five-seat fastback sits on the group’s dedicated E-GMP platform. The sedan measures 4,900 mm long with a 2,900 mm wheelbase, featuring frameless doors and single-motor powertrains rated at either 140 kW or 168 kW. Contemporary Amperex Technology Co. Supplies the lithium iron phosphate battery packs in 53.5 kWh and 66.8 kWh capacities.

    Inside the cabin, the joint venture outsourced key digital systems to domestic tech firms. The dashboard holds a 27-inch 4K display powered by Qualcomm’s Snapdragon 8295 chip, while the operating software integrates artificial intelligence models from Baidu and ByteDance. Driver-assistance software comes via Beijing Hyundai’s partnership with autonomous driving startup Momenta, enabling highway-level assisted navigation.

    The Volume Target for 2030

    Foreign legacy carmakers have spent two years cutting prices and reshaping supply chains after losing market share to domestic manufacturers such as BYD. Rather than importing global variants at uncompetitive price points, Hyundai is shifting vehicle development directly into China and sourcing cheaper local components to defend retail volumes.

    Beijing Hyundai plans to add an extended-range electric version to the Ioniq V line later in the cycle. The company has set a target to sell 500,000 vehicles annually in China by 2030, with plans to export the Chinese-developed sedan to overseas markets later in the production run.

  • Geely Recalls 93,000 Vehicles in China over Defective LiDAR Chips

    Geely Recalls 93,000 Vehicles in China over Defective LiDAR Chips

    Geely Auto is recalling 92,915 vehicles in China across its Galaxy and Lynk & Co lines after discovering faulty LiDAR power chips that can disable driver-assistance systems.

    Filings submitted to China’s State Administration for Market Regulation take effect on August 24, requiring free hardware replacements across five vehicle models.

    A manufacturing process variation at a component supplier damaged the power integrated circuits inside the sensors. The fault compromises key automated driving safeguards.

    On 18,878 Geely Galaxy M9 plug-in hybrid SUVs built between July and October 2025, the glitch forces assisted driving features to shut down or fail to activate. Across 74,037 Lynk & Co 900, 10 EM-P, 07 and 08 models assembled throughout 2025, the defect leaves systems unable to detect and warn drivers about road obstacles.

    Faulty sensors and supplier defects

    Service teams will use cloud diagnostics to flag at-risk vehicles remotely before inviting drivers into workshops for replacement parts. Drivers had already reported dashboard alerts warning of front sensor failures and capped cruise speeds in mid-August.

    Pressure is mounting on Lynk & Co, which now operates under the Zeekr Group umbrella. Deliveries plunged 40 per cent year on year in July to 16,382 units, the fourth straight month of double-digit contraction. Across the first seven months of 2026, the brand delivered 160,597 cars, tracking at under 40 per cent of its 400,000-unit annual target.

    Wider scrutiny on driver assistance

    Regulators logged the sensor campaign during a single-day cascade of filings covering more than seven million vehicles across China. Geely also recalled 92,658 Zeekr 007 and Zeekr X units over emergency mechanical door releases on the same date, alongside notices from Tesla, Xiaomi, Leapmotor and Xpeng.

    Dealership workshops begin replacing the damaged sensors on August 24, with Lynk & Co still needing 239,403 deliveries over five months to meet its yearly plan.

  • China’s Chery Automobile to Open UK Research and Development Centre This Year

    China’s Chery Automobile to Open UK Research and Development Centre This Year

    Chery Automobile, a prominent Chinese car manufacturer, plans to open a new research and development centre in the United Kingdom later this year. The facility, situated at the UTAC Millbrook vehicle development and testing site in Bedfordshire, is scheduled for a late autumn 2026 launch.

    This strategic move comes as Chinese car brands see increasing demand in the UK market, with their share of new car registrations rising to approximately 15% in the first half of this year, up from 10% for all of last year. This growth is largely attributed to competitive pricing.

    Tailoring To British Drivers

    The initial focus of Chery’s new Bedfordshire centre will be on developing vehicle chassis and advanced driver-assistance systems specifically tailored for British drivers. Future plans include expanding into autonomous driving technologies and artificial intelligence. Gary Lan, CEO of Chery International UK, highlighted that UTAC Millbrook will enable the company to translate UK customer insights into product development, covering aspects from ride and steering to active safety systems.

    This R&D investment follows Chery’s recent agreement with Japanese carmaker Nissan to explore manufacturing its UK passenger vehicles at Nissan’s Sunderland facility in Britain. The establishment of local R&D capabilities suggests a deeper commitment to the market beyond just sales. Chinese brands such as SAIC Motor’s MG, BYD, and Chery’s own JAECOO and OMODA are currently among the leading Chinese marques in the UK.

    Regional Context And Future Growth

    The expansion into the UK market with both manufacturing considerations and a dedicated R&D hub reflects a growing trend among Asian automotive players to localize key functions beyond their home markets. This approach allows companies to better understand and adapt to regional consumer preferences and regulatory environments, fostering stronger brand loyalty and market penetration. For RetailNews Asia readers, this signifies the increasing global ambition and technical sophistication of Chinese automakers, potentially setting new benchmarks for competition and innovation in Western markets, and impacting how Asian brands are perceived globally. This strategic investment in R&D indicates a long-term engineering commitment, as noted by Kirsty Andrew, vice president, UTAC UK.

  • Xiaomi SU7 Electric Vehicle Surpasses Half Million Deliveries Amid Strong EV Sales

    Xiaomi SU7 Electric Vehicle Surpasses Half Million Deliveries Amid Strong EV Sales

    Xiaomi’s SU7 electric vehicle has reached a substantial delivery milestone, with over 500,000 units now in the hands of customers. This achievement underscores the robust growth in electric vehicle (EV) sales and signals the increasing influence of technology companies in the automotive sector.

    The SU7’s rapid adoption reflects a broader trend of accelerating EV demand, especially within the Asia-Pacific region. As traditional automakers face heightened competition, new entrants like Xiaomi are quickly capturing market share with their tech-integrated vehicles.

    Accelerating EV Market Penetration

    The half-million delivery mark for the SU7 demonstrates Xiaomi’s successful entry into the highly competitive EV market. The company, initially known for its smartphones and consumer electronics, has used its brand recognition and technological expertise to quickly establish a presence in automotive manufacturing. This pivot highlights the convergence of consumer tech and mobility, a trend reshaping retail and consumption patterns across Asia.

    Strong sales figures for the SU7 contribute to the overall surge in electric vehicle adoption globally, with China remaining the largest market. Consumer preferences are shifting towards sustainable transportation options, driven by environmental concerns, government incentives, and advancements in battery technology and charging infrastructure.

    Broader Implications for Retail and Tech

    Xiaomi’s performance with the SU7 provides a clear example for other tech companies considering expansion into new hardware categories. The success in automotive highlights the potential for brand diversification beyond core products, particularly in high-value consumer goods. This move also forces traditional automotive retailers and brands to adapt their strategies, focusing on digital integration, advanced features, and a smooth customer experience that tech-savvy consumers expect.

    The competitive market in Asia’s EV market is intensifying, with both established brands and new startups vying for dominance. RetailNews Asia has been tracking similar moves by companies like Sony, which is also exploring mobility solutions, indicating a strategic shift among tech leaders to diversify their product ecosystems and tap into lucrative automotive opportunities.

  • US Market Could Open to Affordable Chinese EVs, Analysts Suggest

    US Market Could Open to Affordable Chinese EVs, Analysts Suggest

    The United States market is likely to open its doors to Chinese electric vehicle (EV) brands within the next few years, driven by growing consumer demand for affordable models. Despite existing trade barriers, analysts anticipate that the need for competitively priced EVs will eventually compel market access for Chinese manufacturers.

    Demand Outweighs Trade Barriers

    Currently, Chinese EV makers face significant hurdles in entering the US market, primarily due to protectionist trade policies. However, the analysis suggests that these barriers may not be sustainable in the long term, as American consumers increasingly seek more economical options for electric transportation. The rapid advancements and cost efficiencies achieved by Chinese EV companies like BYD and Nio make their offerings particularly attractive in a market where EV adoption is still highly dependent on price points.

    This potential shift underscores a broader global trend where affordability is becoming a key determinant in EV market penetration. Chinese companies have invested heavily in scaling production and refining manufacturing processes, allowing them to offer models at price points that Western counterparts struggle to match. Should the US market indeed open, it would represent a significant expansion opportunity for Chinese automotive giants, challenging established players and potentially accelerating the global transition to electric vehicles.

    Implications for Asian Automotive Sector

    For the Asian automotive and consumer tech sectors, this development holds considerable weight. A successful entry into the US market by Chinese EV brands would validate their global competitiveness and potentially set a precedent for other developing markets. It could also intensify the focus on cost-effective EV production and innovation across the Asia-Pacific region, as manufacturers strive to meet similar consumer expectations for affordability and advanced technology. RetailNews Asia has observed a similar push for budget-friendly EV options in Southeast Asian markets, where Chinese brands are already making significant inroads and influencing local market dynamics.

  • Asian EV Sales Surge Amidst Global Oil Price Hike and Policy Shifts

    Asian EV Sales Surge Amidst Global Oil Price Hike and Policy Shifts

    Electric vehicle (EV) sales are seeing a significant boost globally, with a record 29 percent of all new cars sold worldwide this year expected to be electric, including battery-powered models and plug-in hybrids. This marks a sharp increase from just 4 percent in 2020. The surge is largely attributed to spiking oil and gasoline prices, exacerbated by the U.S. Conflict with Iran and the closure of the Strait of Hormuz, which began in February 2026. Brent crude prices have climbed over 25 percent since the conflict started.

    While traditional internal combustion engine cars face a steady decline, with sales projected to hit their lowest level since the early 2000s this year, the shift towards EVs presents both opportunities and challenges across various markets, including Asia-Pacific. Analysts suggest that while short-term factors like oil prices play a role, the long-term economic benefits of EVs, such as falling battery costs and lower operational expenses, will continue to drive adoption.

    Asia-Pacific Markets See Accelerated Adoption

    Several Asia-Pacific nations are at the forefront of this EV acceleration. South Korea, Australia, and New Zealand have nearly doubled their EV share of total new car sales since the conflict in Iran began. Laos is experiencing a dramatic increase in battery-powered vehicle imports from China, while Indonesia, Malaysia, and Taiwan are also recording notable gains in EV market share between 2025 and 2026.

    Other Asian markets, including India, Singapore, and Thailand, have also witnessed a substantial rise in EV sales since the Iran war started. Singapore, for instance, saw its EV market share jump from 31 percent in July 2024 to 65 percent in July 2026. This rapid growth indicates a clear consumer response to fuel price volatility and a growing preference for electric alternatives.

    China’s Pivotal Role and Policy Impacts

    Despite China accounting for roughly half of global EV sales, its domestic purchases fell this year due to a weakening economy and reduced government subsidies. Nonetheless, China remains a dominant force in the global EV supply chain, with Chinese companies exporting approximately 2.4 million electric vehicles in the first half of this year, nearly matching their total 2025 exports. These low-cost Chinese EVs are increasingly welcomed in markets such as Argentina, Australia, Indonesia, New Zealand, and South Africa, where they constitute over 80 percent of electric car sales.

    Several Asian governments have introduced new policies to encourage EV adoption. Cambodia and Kenya have temporarily slashed tariffs on imported electric vehicles, while Laos went a step further by barring imports of gasoline-powered cars for the remainder of 2026 and cutting taxes on EVs, leading to a significant influx of Chinese models. These policy shifts demonstrate a concerted effort by regional governments to curb reliance on expensive oil imports and accelerate the transition to electric mobility. Retailers and distributors across the Asia-Pacific region are closely watching these developments, adapting their inventory and sales strategies to meet evolving consumer demand and capitalize on the growing EV market.

  • Bentley Unveils Sneak Peek of Torcal EV’s Interior, Marrying Tradition and Innovation Ahead of September Debut

    Bentley Unveils Sneak Peek of Torcal EV’s Interior, Marrying Tradition and Innovation Ahead of September Debut

    Bentley has provided an initial, comprehensive view of the interior design of its forthcoming Torcal EV, slated for its worldwide premiere on September 23. The Torcal EV will be Bentley’s premier fully electric production car, with the initial stages of assembly having commenced at the company’s Crewe factory in England in November 2025.

    Maintaining Physical Controls

    The initial glimpse of the car’s interior validates Bentley’s decision to retain physical controls rather than embracing a fully digital cabin. The Torcal features tangible buttons on the steering wheel and central console, encompassing controls for the air-conditioning system, audio, and the ignition.

    A contoured climate control panel is strategically positioned in the central console, presumably incorporated within the infotainment system. Temperature and blower controls exhibit silver finishes and textured surfaces, while a volume scroll wheel provides a tangible element. This approach is likely to appeal to Bentley customers who appreciate the functionality and tactile experience of traditional controls.

    Four Cabin Modes

    One of the distinctive features is the illuminated rotating dial surrounding the ignition button. This controls Bentley’s Curation Engine, offering four modes: Bentley, Comfort, Sport, and Refresh.

    These modes are designed to do more than just alter the car’s driving response. Bentley suggests that the Curation Engine can also modify interior lighting, sound, and air quality to create a unique ambiance for each mode. The goal is to tailor the car’s interior to adapt to the driver’s mood and the nature of the journey.

    Materials and Design

    The preview reveals light-hued seats adorned with embroidered Bentley logos and winged headrests. The door panels are a blend of fabric, carbon fiber, and leather, while the dashboard combines carbon fiber and wood trim. Round speakers, circular air vents, ambient lighting, and physical door-lock buttons contribute to the cabin’s meticulously planned design.

    The interior is expected to maintain the artisanal nature synonymous with Bentley, while incorporating a more modern layout for the electric era. The full cabin will be unveiled at the event in September.

    Electric Powertrain

    The Bentley Torcal is built on the Volkswagen Group’s Premium Platform Electric (PPE) architecture, which also powers the Porsche Cayenne Electric. It is forecasted to employ a 113 kWh battery capable of up to 390 kW DC rapid charging. Bentley has previously suggested that customers view a range of approximately 483 km to 563 km as a suitable benchmark for the model.

    The car is expected to feature a dual-motor all-wheel-drive layout, although definitive output figures are yet to be released. The launch of the Torcal was initially scheduled for 2025 but was postponed as Bentley reevaluated its electric vehicle strategy in light of decreased demand for luxury electric vehicles.

    Questions & Answers

    What is Bentley’s Curation Engine?
    Bentley’s Curation Engine is a control system providing four modes to adjust the car’s driving response, interior lighting, sound, and air quality.

    What is the expected battery capacity of the Bentley Torcal?
    The Bentley Torcal is expected to use a 113 kWh battery capable of up to 390 kW DC rapid charging.

    When will the full cabin of the Bentley Torcal be revealed?
    The full cabin design of the Bentley Torcal will be unveiled at an event in September.

  • 60 Years of Speed: Lamborghini Honors Miura with Exclusive Revuelto Special Edition

    60 Years of Speed: Lamborghini Honors Miura with Exclusive Revuelto Special Edition

    To mark the 60th anniversary of the iconic Miura, Lamborghini has unveiled a limited-run special edition vehicle named the Revuelto Miura 60 Degree Homage. This unique series, which will only have 99 units available globally, is the brainchild of the brand’s Ad Personam personalisation division and Centro Stile. The anticipated public debut for this special edition will take place during Monterey Car Week in 2026.

    Design Inspired by Miura

    The Revuelto Miura 60 Degree Homage incorporates numerous visual cues from the original Miura, all set within Lamborghini’s current plug-in hybrid flagship. Buyers have the option of nine heritage-inspired exterior paint shades – Arancio, Giallo, Blu Tahiti, Blu Notte, Rosso Arancio, Verde Metallic, Verde Scandal, Nero Noctis, and Bianco Monocerus.

    There are also two exclusive paint schemes available. The Oro Elios theme merges gold-coloured accents with gloss gold wheels, and the Grigio Nimbus variant features grey detailing and matte titanium-finish wheels. Additionally, owners of the original Miura models can collaborate with Lamborghini’s Ad Personam department to reproduce their classic car’s original colour scheme on the new Revuelto.

    Further design aspects include Miura-inspired lower body graphics, a subtle Miura 60 logo nestled within the side graphics, and a gloss-black Lamborghini wordmark at the car’s rear. Black brake callipers and matte-black exhaust tips complete the exterior design.

    Customised Interior

    The cabin of the special edition continues the retro influence. Tan leather upholstery and classic “cannelloni” seat stitching inspired by the original Miura lend a vintage appeal. The seats feature an embroidered Miura 60 logo, and a carbon-fibre plaque inscribed with “Miura 60 Degree – Serie Speciale 1 di 99” adorns each car.

    While these additions are primarily aesthetic, they forge a deeper connection to the car’s heritage. The treatment also highlights the fact that this model is collector-focused, not mechanically redesigned.

    Despite the changes in design, the Revuelto Miura 60 Degree Homage maintains the standard model’s plug-in hybrid powertrain. This combines a 6.5-litre naturally aspirated V12 engine with three electric motors and an 8-speed dual-clutch automatic transmission. The powertrain generates a total output of 1,015 hp and 807 Nm, driving all four wheels. Lamborghini claims the car can accelerate from 0 to 100 km/h in just 2.5 seconds, with a top speed exceeding 350 km/h.

    Although Lamborghini has yet to release the pricing details for the Revuelto Miura 60 Degree Homage, it’s expected to command a considerable premium given the standard Revuelto’s price tag of Rs 8.89 crore (ex-showroom) in India.

    Questions & Answers

    How many units of the Revuelto Miura 60 Degree Homage will be produced?
    Only 99 units of the Revuelto Miura 60 Degree Homage will be produced.

    What is unique about the Revuelto Miura 60 Degree Homage’s design?
    The design of the Revuelto Miura 60 Degree Homage includes numerous visual cues from the original Miura model. This includes a choice of nine heritage-inspired exterior colours and two exclusive paint schemes.

    What is the powertrain of the Revuelto Miura 60 Degree Homage?
    The Revuelto Miura 60 Degree Homage retains the standard model’s plug-in hybrid powertrain, which combines a 6.5-litre naturally aspirated V12 engine with three electric motors and an 8-speed dual-clutch automatic transmission.

  • Surge in Electric Vehicle Sales: Vietnam Outpaces Southeast Asia with 71% Growth

    Surge in Electric Vehicle Sales: Vietnam Outpaces Southeast Asia with 71% Growth

    During the first half of this year, Vietnam emerged as the leader in Southeast Asia for battery electric vehicle (BEV) sales, with 115,986 units sold. This impressive figure marked a 71% increase compared to the previous year. Furthermore, BEVs accounted for 35.3% of all new vehicles sold, thereby claiming the highest share in the region’s four largest automotive markets – Vietnam, Indonesia, Malaysia, and Thailand.

    Leading BEV Players

    VinFast, Vietnam’s top automotive brand across all vehicle categories, was responsible for the vast majority of the BEVs sold during this period. A small number of sales were attributed to Ford’s Mustang, while some electric vehicle manufacturers did not disclose their specific sales figures.

    BEVs, vehicles powered solely by electricity, stand out from hybrids, which utilize both electricity and gasoline. In Vietnam, BEVs are bolstered by an exemption from registration fees and a favorable 3% special consumption tax, both in effect until the end of 2030.

    Regional BEV Market Overview

    Thailand followed closely behind Vietnam in BEV sales, with a total of 104,418 vehicles sold. Nonetheless, it exhibited the quickest growth rate among the region’s four largest markets, posting a 91% increase.

    In Indonesia, which continues to hold the title of Southeast Asia’s biggest auto market, BEVs made up 16% of new vehicle sales in the first half of the year. Chinese auto manufacturers BYD, Aion, and MG collectively boasted the largest share of Indonesia’s BEV market. According to local auto news outlet DetikOto, the top ten best-selling BEV models in the country all originated from Chinese automakers such as BYD, Jaecoo, and Geely.

    Meanwhile, VinFast sold 1,934 vehicles in Indonesia, with their mini SUV VF 3 model accounting for 1,355 of these sales.

    Despite reporting the lowest BEV sales among the four major markets, Malaysia achieved an 85% growth rate, the second-fastest in the region following Thailand.

    Questions & Answers

    Which country led Southeast Asia in BEV sales in the first half of the year?
    Vietnam led Southeast Asia in battery electric vehicle (BEV) sales during the first half of this year.

    What contributed to the substantial growth of BEVs in Vietnam?
    The growth of BEVs in Vietnam can be attributed to the country’s policy incentives, including an exemption from registration fees and a 3% special consumption tax.

    Which country showed the fastest growth rate in BEV sales among the four largest markets in Southeast Asia?
    Thailand posted the fastest growth rate among the region’s four largest automotive markets.

  • Vietnam’s Auto Market Zooms Ahead: 15% Hike in Sales with Hybrids and Imports in the Lead

    Vietnam’s Auto Market Zooms Ahead: 15% Hike in Sales with Hybrids and Imports in the Lead

    The Vietnamese auto market has witnessed a significant growth of 15% in sales during the first half of 2026, as compared to the same period last year. A substantial portion of this growth can be attributed to the robust sales of imported and hybrid vehicles. Cumulative sales during this period amounted to 149,761 vehicles, which presents an increase of 4% from the previous month with total sales reaching 31,104 vehicles, as per a report by the Vietnam Automobile Manufacturers’ Association (VAMA).

    The Uneven Recovery of the Auto Market

    Despite the substantial growth, the auto market recovery in Vietnam appears to be inconsistent. When compared to June 2025, the sales for June 2026 reflect a decrease of approximately 2.7%. The first half of the year marked the sales of over 100,000 passenger cars, around 38,000 commercial vehicles, and nearly 10,865 hybrid vehicles, which witnessed a remarkable growth of 83% year-on-year.

    The surge in the sales of hybrid vehicles suggests a growing preference for fuel-efficient and environmentally friendly vehicles. VAMA reported the sale of 2,347 hybrid vehicles in June alone, marking an increase of 41% from the previous month and nearly double the sales in June 2025, making hybrid vehicles the most rapidly growing sector in the auto market.

    Competitive Landscape and Market Growth Prospects

    Among the brands under VAMA, Toyota secured the leading position with the sale of 6,494 vehicles in June, accounting for nearly 27% of the total sales. They were followed by Mitsubishi with 3,158 units sold, and then Ford with 2,741 units. Kia and Mazda, both distributed by THACO, sold 2,675 and 2,361 vehicles respectively, making it to the top five best-selling brands of June.

    The competition has been intensifying in the market, as reflected by the narrowing gap in sales among the leading brands. It spans across various segments including B-segment sedans, urban SUVs, MPVs, and pickup trucks.

    Industry experts anticipate that the positive performance in the first half of 2026 will lay a strong foundation for greater growth in the second half. Several automakers are planning to introduce new models, expand their hybrid and electric vehicle lineups, and implement promotional programs to boost demand.

    Given the competitive auto loan interest rates, stable supply of vehicles, and a diverse product range, Vietnam’s automotive market is likely to sustain its growth momentum for the rest of 2026. SUVs, MPVs, and hybrid vehicles are expected to continue to drive overall market sales.

    Questions & Answers

    What is the growth rate of sales in the Vietnamese auto market in the first half of 2026?
    The Vietnamese auto market recorded a growth rate of 15% in sales in the first half of 2026.

    Which are the top-performing vehicle brands in June 2026?
    Toyota, Mitsubishi, Ford, Kia, and Mazda were the top-performing vehicle brands in June 2026.

    What type of vehicles are expected to drive overall market sales for the rest of 2026?
    SUVs, MPVs, and hybrid vehicles are expected to be the key drivers of overall market sales for the rest of 2026.

  • VinFast Vietnam Doubles Capital to $388M, Streamlining Global Auto Design and Sales

    VinFast Vietnam Doubles Capital to $388M, Streamlining Global Auto Design and Sales

    VinFast Vietnam, a budding organization specializing in the design and sale of VinFast vehicles, recently increased its capital funds substantially. The company doubled its capital from VND5.18 trillion to VND10.18 trillion, equivalent to US$388 million, by issuing 500 million preference shares. This significant financial move was announced on July 13 via the National Business Registration Portal. Alongside this, it was revealed that foreign ownership within the company has seen a decline from 10.4% to 5.3%.

    Company Restructuring and Roles

    The creation of VinFast Vietnam was initiated on June 19, following the sale of the automaker’s manufacturing operations, VFTP, to Tuong Lai Company. This company is financially backed by billionaire Pham Nhat Vuong along with a group of investors. VinFast Vietnam has been assigned the responsibilities of global research and development, managing after-sales services, and overseeing sales operations.

    The managerial roles within VinFast Vietnam have been clearly delineated. Pham Nhat Vuong, the founder of the parent organization, serves as the company’s CEO. On the other hand, Thai Thi Thanh Hai, a seasoned executive from Vingroup, has been appointed as the chairwoman.

    Questions & Answers

    What led to the creation of VinFast Vietnam?
    The company was established after the sale of automaker manufacturing operations, VFTP, to Tuong Lai Company.

    What are the primary responsibilities of VinFast Vietnam?
    The company is in charge of global research and development, after-sales services, and sales operations.

    Who are the key executives of VinFast Vietnam?
    Pham Nhat Vuong serves as the company’s CEO, while Thai Thi Thanh Hai is the chairwoman.

  • VinFast Shatters Records with Over 115,000 EVs Sold in H1 2026: Dominates Vietnamese Auto Market

    VinFast Shatters Records with Over 115,000 EVs Sold in H1 2026: Dominates Vietnamese Auto Market

    In the first six months of 2026, Vietnamese electric vehicle manufacturer VinFast marked significant growth in the domestic market, reporting a 72% year-on-year increase with a record preliminary domestic delivery of 115,916 electric vehicles (EVs). This impressive performance positions VinFast as the first automotive brand in Vietnam to exceed 100,000 vehicle deliveries within the first half of the year.

    VinFast’s Strong Market Presence

    The month of June alone saw the delivery of 17,955 units, maintaining VinFast’s status as the country’s top automobile brand for the 21st consecutive month. With the Limo Green leading in sales with 3,868 vehicles delivered in June, closely followed by the VF 3 model which saw 3,550 units moving into the hands of customers.

    The success of the VF 5 and its derivative model, the Herio Green, continued with combined deliveries reaching 3,364 units. This was ahead of the VF 6’s total of 2,988 units. The VF 7 and the VF MPV 7 models also had a steady sales performance with 1,437 and 1,254 units delivered respectively.

    Over the span of six months, the Limo Green and the VF 3 emerged as VinFast’s leading models in the Vietnamese market with cumulative deliveries of 27,927 and 23,781 units respectively. Furthermore, the VF 5 and the Herio Green saw a combined delivery of 20,167 vehicles. Other models such as the VF 6, VF MPV 7, and VF 7 also maintained a steady performance with 14,045, 9,177, and 6,849 units delivered respectively.

    New Arrival in the Product Line

    VinFast is not just resting on its laurels. The automaker recently unveiled the VF 2, a compact urban EV, and has opened pre-orders in Vietnam with a price tag of VND188 million (US$7,200). Deliveries to customers are scheduled to begin as early as September.

    Questions & Answers

    What milestone did VinFast achieve in the first half of 2026?
    VinFast became the first automotive brand in Vietnam to surpass 100,000 vehicle deliveries within the first half of the year.

    What are the top-selling models of VinFast in Vietnam?
    The Limo Green and the VF 3 are the top-selling models of VinFast in Vietnam, with cumulative deliveries of 27,927 and 23,781 units respectively in the first half of 2026.

    What is the latest model introduced by VinFast?
    VinFast recently introduced the VF 2, a compact urban EV, which is currently available for pre-orders in Vietnam.

  • Luxshare Skyrockets, Raking in $3bn from Hong Kong Listing for AI and Auto Tech Expansion

    Luxshare Skyrockets, Raking in $3bn from Hong Kong Listing for AI and Auto Tech Expansion

    Luxshare Precision Industry, headquartered in China, announced on Tuesday that its Hong Kong listing has been priced at the upper limit of its target range, resulting in the raising of approximately HK$24.27 billion (US$3.09 billion).

    The Apple supplier, listed in Shenzhen, revealed the offer price was set at HK$63.28 per H-share, resulting in the sale of 383.5 million shares.

    Luxshare plans to use the proceeds from the listing to enhance its manufacturing capacity within the automotive and consumer electronics sectors. The raised capital will also be used to fund artificial intelligence-powered factory upgrades, facilitate potential acquisitions, repay existing debt, and bolster the firm’s working capital.

    A significant part of the raised funds will be dedicated to the expansion of Luxshare’s automotive electronics business. This is indicative of the firm’s strategic move beyond consumer electronics and into the rapidly expanding field of intelligent vehicle supply chain.

    Luxshare revealed that it anticipates announcing the level of investor demand for its international offering, as well as the allocation results, on July 8. The company’s shares are expected to commence trading on the Hong Kong Stock Exchange at 9:00am local time on July 9.

    Luxshare was founded by Chinese billionaire Wang Laichun and is counted among Apple’s largest suppliers. The firm is responsible for the manufacturing of a range of electronic devices, comprising routers, wireless charging modules, and video conferencing equipment.

    Questions & Answers

    What does Luxshare Precision Industry plan to do with the proceeds from its Hong Kong listing?
    Luxshare plans to use the raised capital to expand its manufacturing capacity, fund factory upgrades, pursue acquisitions, repay debt, and support working capital.

    How is the company expanding its business?
    Luxshare is looking to move beyond the sphere of consumer electronics and delve deeper into the rapidly growing intelligent vehicle supply chain.

    When does Luxshare plan to begin trading its shares?
    Trading of Luxshare’s shares is expected to begin on the Hong Kong Stock Exchange at 9:00am local time on July 9.

  • Thailand Auto Industry Braces as Car Exports Skid amid Middle East Tensions and EV Competition

    Thailand Auto Industry Braces as Car Exports Skid amid Middle East Tensions and EV Competition

    In May, Thailand’s automotive industry experienced a sharp decline in vehicle production, which fell 17.94% year-on-year to 114,214 units. The slump was primarily due to decreased exports amidst political tensions in the Middle East and reduced demand in key markets. Consequently, the combined production for the first five months of the year fell by 1.13% to 587,759 units, as reported by the Federation of Thai Industries.

    Factors Influencing the Decline

    According to Surapong Paisitpattanapong, an advisor to the federation’s Automotive Industry Club chairperson, production for exports decreased by a staggering 36.20% in May. Completely built-up (CBU) vehicles saw a significant drop, down 26.69% year-on-year to 59,434 units in the same month.

    The federation identified two major contributors to this downturn. The first was the political instability in the Middle East, which resulted in a 66.14% plunge in exports due to the conflict between the U.S. and Iran. The second was the Australian and Oceania market, where exports slipped 37.18% due to stricter carbon control regulations and increased competition from Chinese electric vehicles. Consequently, exports of CBUs fell 24.36% year-on-year to 41.72 billion baht (approximately US$1.28 billion) in May.

    Growth in Domestic Sales and Electric Vehicles

    Contrary to the declining exports, domestic vehicle sales in Thailand increased by 10.6% year-on-year to 57,765 units in May. This was majorly driven by the increasing popularity of battery electric vehicles (BEVs). Electric passenger car sales surged by 61.19% to 18,034 units as consumers sought to mitigate higher fuel costs.

    Over 150 billion baht was invested in the industry in the first five months of the year. Government economic stimulus measures also helped to increase confidence. However, growth in the pickup truck market, a significant segment of Thailand’s automotive industry, was minimal at 0.21%.

    Despite mixed production figures, Thailand’s EV industry remained optimistic. New registrations for BEVs hit 21,619 units in May, marking an increase of 55.14%. The total registered BEVs in Thailand reached 468,757 units as of May 31. Meanwhile, motorcycle production also saw an uptick in May, growing 9.67% year-on-year to 230,691 units.

    Questions & Answers

    What led to the decline in vehicle production in Thailand?
    The reduction was primarily due to a decrease in exports, fuelled by geopolitical tension in the Middle East and lower demand in major markets.

    Which segment of the automotive industry in Thailand saw an increase despite the overall decline?
    Domestic sales and the electric vehicle segment experienced growth, with the latter seeing new registrations rise to 21,619 units in May.

    What is the outlook for the electric vehicle industry in Thailand?
    Despite mixed production numbers, the electric vehicle industry in Thailand is showing positive signs of growth, with increasing new registrations and consumer interest.

  • VinFast Powers Green SMs Global Expansion with One Million Electric Cars by 2030

    VinFast Powers Green SMs Global Expansion with One Million Electric Cars by 2030

    VinFast, a prominent electric car manufacturer, has unveiled a bold strategy to supply one million electric vehicles (EVs) to Green SM, a rising ride-hailing service, by 2030. In addition to this, the deal stipulates the addition of four million electric motorcycles to Green SM’s fleet. The announcement was made in VinFast’s first quarter financial report.

    Strategic Collaboration for Global Impact

    The venture is viewed as a strategic collaboration between the two companies, with anticipated benefits for both parties. For VinFast, this partnership signifies a promising opportunity to broaden its international distribution network and augment its brand recognition. Concurrently, it bolsters Green SM’s ambitions to expand its global reach.

    Green SM has recently initiated taxi services in India, marking its fourth international market entry, following Laos, Indonesia, and the Philippines. Pham Nhat Vuong, recognised as Southeast Asia’s wealthiest individual, controls both companies. Green SM was launched in 2023 with a starting capital of $113.9 million, which has since grown exponentially to $1.94 billion.

    Initially, Green SM focused on taxi services and technology-based ride-hailing services, exclusively using VinFast vehicles. However, the company has expanded its offerings to include services such as food and parcel delivery, as well as car and motorcycle rentals.

    Positive Outlook for VinFast

    VinFast experienced substantial financial success in the first quarter, reporting a revenue increase of 42% to $1.04 billion. This surge was primarily attributable to a marked increase in electric vehicle sales both within Vietnam and in international markets, including Indonesia and the Philippines.

    Within the first quarter, VinFast sold 58,600 electric cars, reflecting a year-on-year increase of 61%. Moreover, the company sold 143,000 electric motorcycles and bicycles in the same period. Despite this success, VinFast reported a loss exceeding $1.26 billion, an increase from the previous figure of $798 million.

    In 2023, Vuong anticipated that the company would experience losses for several years. However, there is now a more optimistic outlook, as the company expects to break even next year following the decision to spin off its manufacturing operations to a separate company owned by a consortium of private investors.

    Questions & Answers

    What is VinFast’s strategy for its collaboration with Green SM?
    VinFast plans to supply one million electric vehicles and four million electric motorcycles to Green SM by 2030, expanding its international distribution network and enhancing brand recognition.

    What services does Green SM offer?
    Green SM provides taxi services and technology-based ride-hailing services. The company has also expanded to offer food and parcel delivery, as well as car and motorcycle rentals.

    What is the financial outlook for VinFast?
    Despite experiencing losses, the company anticipates breaking even next year. This follows a decision to spin off manufacturing operations to a separate company owned by private investors.