Retail News CRM

Tag: Auto

  • Car imports see recovery in March

    Car imports see recovery in March

    Import turnover of completely built-up (CBU) cars in March increased by 55.4% in volume and 41.4% in value compared to the previous month.

    A preliminary report from the General Statistics Office (GSO) said that Vietnam imported about 15,000 CBU cars in March with a value of US$287 million.

    However, this import decreased slightly by 1.7% in volume and 18.8% in value compared to the figures in March 2023.

    The strong recovery in CBU car import in March was due to the car import in February falling sharply when businesses stopped all import-export activities during the seven-day Tet (Lunar New Year) holiday.

    Those numbers in February reached 9,650 units in volume and $203 million in value.

    Thus, CBU car import turnover in March had a strong recovery despite the market situation not showing clear positive signals.

    Positive signals from the economic recovery are bringing back higher expectations of domestic car demand.

    The CBU car import is expected to continuously recover in the second quarter of 2024.

    After the Lunar New Year holiday in February, the Vietnamese auto market welcomed many new car models, mainly imported cars.

    GSO also reported that the total import of CBU cars in the first three months of 2024 was estimated at 31,452 units worth $632 million, down 25.1% in volume and 31.7% in value year on year.

    This was still a very low turnover compared to 2023, before the market fell into a period of deep decline in demand.

    Lees ook:

    Lees ook:

    Lees ook:

  • Porsche Studio launches in Singapore

    Porsche Studio launches in Singapore

    German sportscar manufacturer Porsche has opened its Porsche Studio in Singapore intending to provide an improved studio model.

    The new two-story showroom is part of downtown Singapore’s famous Guoco Midtown mixed-use development, near the Bugis heritage zone.

    The venue features a sleek and modern design with Singaporean touches like “breeze block” patterns inspired by historic local architecture and bamboo-like veneers adorned throughout.

    The first floor houses seating areas that can become an intimate fireside discussion atmosphere. On the second floor, more modular spaces can be configured in a variety of ways to accommodate a wide range of activities, including zen-filled yoga classes, high-energy product trainings and presentations, keynote speeches in front of full-length LED walls, and e-sports races held on two in-house simulators.

    “Singapore, renowned for its innovative spirit and entrepreneurial attitude, is the perfect location for this enhanced Porsche Studio,” said Matthias Becker, VP of region overseas and emerging markets at Porsche.

    “With this innovative new format, we aim to test new ideas and ways to interact with our customers and fans, while also offering an unforgettable experience that goes beyond simply selling a car.”

    The new Porsche Studio Singapore also includes a built-in auto lift for moving vehicles around the facility.

    The studio is operated by Porsche Singapore, a joint venture between Porsche Asia Pacific and Eurokars Group established in 2022 to improve customer experiences in the city-state.

  • Vietnam records second largest drop in auto sales across Southeast Asia

    Vietnam records second largest drop in auto sales across Southeast Asia

    Vietnam saw the second sharpest decrease, of 25%, in automobile sales in Southeast Asia last year behind only minuscule market Myanmar.

    According to the ASEAN Automotive Federation (AAF), in the region’s seven main markets, Indonesia, Thailand, Malaysia, the Philippines, Vietnam, Singapore, and Myanmar, 3.35 million vehicles were sold, a 2.1% decline from 2022.

    But the data, compiled from AAF’s members in various countries, does not include sales of Vietnamese firm Hyundai Thanh Cong.

    The leaders, Indonesia and Thailand, saw sales drop by 4% and 8.1%. In Myanmar, automobile sales fell to less than 4,000 in 2023, a decrease of 52.5% compared to 2022.

    The number of cars sold in Vietnam was 369,431, the fifth highest after Indonesia, Malaysia, Thailand, and the Philippines after falling one place from last year. The Philippines went past it in 2023.

    In 2022 Vietnam achieved its highest ever sales of more than 500,000.

    But last year the economic downturn, high bank interest rates and the slump in the real estate and securities markets sent demand for cars plummeting.

    In July the Government halved the automobile registration fee for domestically assembled vehicles, but it failed to revive demand.

    Demand fell in Thailand as banks tightened credit for buying pickup trucks, the most popular segment, according to Thailand Business News.

    Production too fell, but at more than 1.8 million vehicles, Thailand remained the biggest manufacturer in the region.

    Indonesia remained the largest market and also the only country to exceed the million sales mark. Indonesia wants to become an auto production hub, especially for electric vehicles.

    In 2023 it churned out nearly 1.4 million cars, including some of Vietnam’s best-selling vehicles like the Mitsubishi Xpander, which topped the sales chart.

    Lees ook:

  • Chinese EV giant BYD to begin Vietnam sales in May

    Chinese EV giant BYD to begin Vietnam sales in May

    The world’s biggest electric vehicle maker, China’s BYD, will set up shop in Hanoi in May.

    It would sell its first cars in the sedan and SUV segments, sources familiar with the matter said.

    Its SUV BYD Atto 3 is among the most sought-after cars globally. It has large demand in Sweden and is the best-selling EV in Thailand.

    It has a 60.48-kilowatt-hour battery that allows travel of up to 480 kilometers.

    Its prices start from US$30,750 in Thailand.

    In Vietnam, BYD cars will be imported as complete units from China.

    The company is building a $504-million plant in Thailand, its biggest market outside China, and expects to start production there this year.

    In future BYD cars can be imported to Vietnam from Thailand to enjoy the zero import tax applicable to Southeast Asian countries.

    BYD, established in 2003, sold 1.62 million electric cars last year, second globally behind Tesla with 1.8 million units, though in the last quarter it outpaced past the U.S. company 526,000 to 484,000.

    Ninety percent of its sales were in China.

    Lees ook:

    Lees ook:

  • Toyota recalls nearly 26,000 cars to tighten shock absorber nuts

    Toyota recalls nearly 26,000 cars to tighten shock absorber nuts

    Toyota Vietnam has announced the recall of 25,971 Avanza Veloz, and Yaris Cross cars to fix faulty front shock absorber nuts.

    The nuts were not tightened sufficiently due to design issues, and could become loose and cause noises, even fall off.

    The affected Toyota Avanza and Veloz models were manufactured between Jan. 7 and Oct. 28, 2022, in Indonesia, or assembled in Vietnam between Nov. 14, 2022 and Aug. 14, 2023.

    A total of 25,523 Avanza and Veloz cars will be recalled. Also recalled are 448 Yaris Cross cars made in Indonesia between June 2 and Aug. 30, 2023.

    There have been no accidents caused by the fault, the Japanese company said.

    It also said 6,368 Avanza, Veloz and Raize cars manufactured in Indonesia between Sept. 12 and Dec. 7, 2022, have brake pads that are at risk of failing sooner than designed.

    Their front fork dust covers were damaged during assembly, and this could cause dust and water to enter the covers, causing the pads to rust and wear out.

    The affected cars will be repaired free of charge at authorized Toyota dealers. The recall began on Jan. 19 and will last until the repairs are completed.

    Lees ook:

    Lees ook:

    Lees ook:

  • Bridgestone Vietnam builds 10th bridge in Soc Trang

    Continuing its journey of the “Bridges to Knowledge” project, Bridgestone Vietnam built and inaugurated the 10th bridge, Truong Tho in Soc Trang, on Dec. 27.

    The project was implemented by Bridgestone Tire Sales Vietnam Limited Liability Company to realize Empowerment (Committed to contributing to a society that ensures accessibility and dignity for all) and Ease (Committed to bringing comfort and peace of mind to mobility life).

    The two are part of corporate commitments announced under the “Bridgestone E8 Commitment” in March 2022.

    Soc Trang is known as a beautiful land rich in culture and home to the Kinh, Khmer and Chinese ethnic groups. Though it has advantages in terms of soil and water resources that allow it to grow a range of crops, the life and work of people here still face many difficulties in terms of the movement and transport of agricultural produce.

    For people living in Truong Tho hamlet, Truong Khanh village, Long Phu District, Soc Trang Province, the Truong Tho bridge built in 2008, located on the main road and connecting the village, serves the transportation needs of over 225 households including 153 children.

    The old Truong Tho Bridge was severely damaged on the side, its base had broken concrete and the iron reinforcement was badly rusted.

    According to the local government’s assessment, the bridge was damaged to an alarming extent and needed urgent investment in new construction to ensure users’ safety.

    Bridgestone Vietnam invested in building a new Truong Tho Bridge with a total length of 27 m, width of 3.3 m and a load capacity of up to three tons.

    This new bridge will enable hundreds of students to take a safer path to knowledge, help people transport and trade goods and agricultural products conveniently and improve safety for the community in general and residents of Truong Tho hamlet and Truong Khanh village in particular.

    This is the 10th bridge under its “Bridge to Knowledge” project by Bridgestone Vietnam, which started in 2019. The company said it would continue the journey of serving the community as part of its “Serving Society with Superior Quality” mission.

    Stressing the significance of the Truong Tho construction project, Naoki Inutsuka of Bridgestone Tire Sales Vietnam Limited Liability Company said the 10th bridge is a very important milestone for the company’s commitment to society.

    Bridgestone’s Truong Tho Bridge project received cooperation from the local government, Dealer Vu Manh Thang (Bridgestone’s distributor in Soc Trang), E-XPRO Advertising Company Limited and created enthusiasm among people in Truong Khanh village.

  • Local car market still sees sluggish sales as Tet nears

    Local car market still sees sluggish sales as Tet nears

    The domestic auto market in Vietnam is experiencing a decline in car sales due to sluggish customer demand compared to previous years, according to local car experts.

    The experts said the number of customers visiting car dealerships has not increased compared to previous years, despite price reductions and promotions offered by car manufacturers during the peak shopping season.

    According to a car sales staff at Toyota dealerships in the central area of Hanoi, cars priced under VND1 billion (US$40,983) are particularly challenging to sell. They attribute this trend to the difficult economic conditions and the reluctance of people to spend money on purchasing cars.

    Anh Duc, a car salesman in Pham Hung Street, expressed surprise at the low sales, mentioning that in previous years, they could sell hundreds of cars each month at this time, but recently the numbers have not been reaching even half of that.

    Many dealers hope that demand for cars will increase at the end of the year and the market will become boisterous; however, it is so far still quiet. To reduce their inventory and recover some of their costs, dealers may resort to reducing prices and offering discounts or incentives to attract buyers. In some cases, they may even have to sell cars at a loss to move inventory and free up capital.

    Car consumption in Vietnam has experienced a deep decline this year, despite various efforts to stimulate sales such as launching new models, offering discounts, and providing registration fee support and attractive gifts.

    Specifically, Toyota Vietnam has initiated a program starting in December to offer a 50% discount on registration fees for certain car models. In addition to this discount, there is also a 50% reduction in registration fees for domestically assembled cars as part of the general policy. This policy will be in effect until the end of 2023.

    Honda Vietnam has also announced a 50% registration fee discount program for all car models on sale starting from Dec. 5. Additionally, domestically produced and assembled vehicles are still receiving 50% registration fee support from the government.

    As for Hyundai, the Hyundai Stargazer model had a listed price of VND75-685 million ($23,565-$28,073). In November, the price was reduced by up to 130 million, but it still faced difficulties in selling. In December, the price was further reduced by another VND10 million. Furthermore, the high-end diesel version of the Santa Fe model, which was produced in 2022, is being reduced by VND210 million.

    The decrease in car purchasing power compared to the same period in 2022 is a concerning trend, especially considering that car sales were lower than during the period when the market was affected by the Covid-19 pandemic.

    The statistics from the Vietnam Automobile Manufacturers Association (VAMA) indicate a significant decline in car sales, with a 29% decrease in the first 10 months of 2023 compared to the same period last year, equivalent to the absolute number of 70,000 vehicles.

    Among the car manufacturers, Toyota Vietnam seems to be the most affected, with a 42% decrease in sales during the first 10 months of 2023, amounting to nearly 30,300 vehicles. Other brands like Kia, Honda, and Mitsubishi also experienced significant declines, with decreases of 39%, 36%, and 28%, respectively.

    Hyundai is another car company facing challenges, with a sales decrease of approximately 25%, equivalent to more than 16,000 vehicles. These figures suggest that the automotive market in Vietnam is currently facing obstacles and uncertainties.

    Economist Ngo Tri Long said that the selling prices of many car models have reached their lowest level in nearly 10 years in 2023.

    Some businesses and dealers may have hinted at cutting incentives at the end of the year due to anticipated increased demand; however, car discount promotions are still prevalent and becoming even deeper.

    The difficulties are expected to continue into 2024. High inventory levels can also be a challenge for auto businesses. If consumer demand is lower than expected, dealerships and manufacturers may face excess inventory, which can lead to increased costs and reduced profitability, according to industry insiders.

  • Land Rover Vietnam builds desirability in luxury

    Land Rover Vietnam builds desirability in luxury

    Land Rover Vietnam has implemented a new strategy to enhance client experience, its General Manager Ruud Poels said at the JLR Retailer Hanoi launch of its first global standard retail destination on Nov. 23.

    As an active player in the automotive industry in Vietnam, we did notice a market cooldown after a period of high growth following Covid-19. However, 2023 so far for Land Rover has been a year of exciting developments.

    Product-wise, we launched the Defender 130 and the new Range Rover Sport, thereby updating our popular Defender and Range Rover brands. We are also delighted that our retailers have been busy in the last 11 months fulfilling deliveries of the new Range Rover for pre-ordering clients and more.

    And we are fully focused on the new global Modern Luxury vision by JLR; the first and probably biggest physical result of which you are seeing here is our new JLR Retailer Hanoi, which took 18 months to finish. This is the first of its kind, not just in Vietnam but in the whole world, for JLR.

    I think that’s the strongest proof that Land Rover is performing well in Vietnam, and that we have confidence in the market despite the past slowdown.

    What solutions have you come up with to adapt to this situation?

    We did not wait for the market to show slowing signs to implement meaningful and exciting changes. We have been prioritizing customer experience design for sustainable development in Vietnam.

    Apart from the Global Pilot Store in Hanoi, behind the scenes, there is a lot more happening with regards to team training and facilitating processes to ensure our retailers will be fully ready to offer Modern Luxury client journey, that is retail as an experience.

    It will be inspirational, exclusive, and tailored to suit our clients’ needs to make them feel unique. It will be positively memorable at every touchpoint, building emotions in our Range Rover, Defender, and Discovery brands.

    For marketing, we are also transforming how we present ourselves as a House of Brands on all channels and building desirability toward our clients, whether it be their virtual or physical appearance. The after-sales experience is also obviously elevated with this new facility.

    Overall, we put in efforts to transform the client journey to be human-centered and emotionally engaging throughout the business. We have seen client engagement warming up and resulting in revenue recently, which is a welcome indicator that we are heading in the right direction.

    Under the House of Brands approach with JLR, all three of our brands, including Range Rover, Defender, and Discovery, will be uniquely characterized, and clearly differentiated.

    Range Rover is refined for the leaders of life whose leadership leaves a legacy for others to follow; Defender is capable and durable for those who embrace the impossible in their adventures; and Discovery allows people to get out and explore together.

    What would be the main factors that convince Vietnamese people to buy and use Land Rover cars?

    At Land Rover, we offer luxury, as an experience throughout sales and aftersales. It is an inspirational and emotionally engaging experience.

    We have the ability to personalize our products to our clients’ own specific needs and preferences. That’s not limited to the vehicles but applies to the whole journey that clients will have with us, from the first time they interact with our team, for example, to when we actually meet our clients at the showroom, to vehicle collection, vehicle repair, and further.

    We are transforming and reshaping our business to embody the cutting-edge Modern Luxury vision. To build a loyal relationship with our clients, we need to anticipate their evolving needs and proactively provide solutions based on our expertise and commitment. It would be an exclusive and unique experience. That’s how we would love to build desirability.

    When it comes to the vehicles, we pride ourselves on the craftsmanship that’s present inside and out of them. Take the Range Rover SV, for example. That could very well be the first car in which you can find ceramics as a material for the exterior and interior. That kind of innovation cements its place as the original luxury SUV ever by constantly exploring new ideas to express modern luxury.

    Or if you are interested in the iconic Defender, you will appreciate its 75-year heritage of adventures and rescue missions all around the world, and the current generation is the culmination of all that in terms of off-road expertise.

    How do you assess the current trend of electric vehicles, and what are the objectives of Phu Thai Mobility in this field in Vietnam?

    We are excited by EV development in Vietnam. The goal of Land Rover Vietnam undoubtedly aligns with the global strategy and BEV development roadmap of JLR. As shared previously by JLR, you can expect the global debut of the Range Rover BEV in 2024; a Vietnam launch could follow that, depending on production capability and logistics. We know that there is high desirability for the car globally, and we look forward to having it here for pioneering Vietnamese clients.

    Meanwhile, we are fully prepared to take on BEVs ahead of the first Land Rover BEV. You can find DC and AC chargers at our workshops and retailers. Our technicians are also trained by JLR to work on BEVs with special tooling.

    What are your predictions and expectations for Land Rover in Vietnam over the coming decade?

    With Modern Luxury approach in place, we are in the middle of transforming our business from end to end. The new JLR Retailer Hanoi is the first proof of that, after which you will see many more, from products and services offered to clients to how we have become more than a single brand in the automotive market.

    I think JLR sums it up perfectly about what we ultimately want to become: the creator of the world’s most desirable modern luxury automotive brands for the most discerning of clients.

    Lees ook:

    Lees ook:

  • Ford recalls nearly 1,200 Everest, Explorer SUVs

    Ford recalls nearly 1,200 Everest, Explorer SUVs

    Ford has recalled 1,182 Everest and Explorer SUVs in Vietnam for engine control module software failure and a rearview camera display error.

    The Everest recall involves 185 vehicles, all produced at Ford’s factory in Thailand between June 28, 2022, and April 4 this year

    The American carmaker said the software failure causes the AdBlue warning light, which indicates the car could drive another 2,400 km before the liquid needs to be refilled, to flash 500 km earlier.

    A software update, which takes around 20 minutes, would fix the issue, it said. AdBlue is an additive injected into the exhaust system to reduce the car’s harmful NOx gas, helping the Everest meet Euro 5 emission standards.A tank lasts 10,000-15,000 km.

    The other recall involves 997 Explorer cars imported from the U.S. and manufactured between Oct. 19, 2018, and May 2, 2023.They have faulty camera control software which causes the central screen to display a blue mark or turn blue/black when in reverse or when the 360-degree mode is on.

    To fix the problem, a new rearview camera and wiring and a software update are needed, which should take about 60 minutes.Ford earlier recalled 1,870 Transit vans assembled between July 22, 2022, and March 17, 2023, for defective steering column components.

    Bolts and screws used to connect the steering shaft to the steering wheel could be loose, leading to a loose steering wheel or unusual noises in certain situations.

    In the long run, the bolts could fall out, causing the driver to lose control and even crash. The recall started in Aug. 21 and will last three years.

    The faulty vans are fixed in 20 minutes.

    Lees ook:

    Lees ook:

    Lees ook:

  • EV maker VinFast to invest $1.2B in Indonesia

    EV maker VinFast to invest $1.2B in Indonesia

    Vietnam’s first electric vehicle (EV) maker VinFast plans to build a plant with an investment capital of 18.6 trillion Rp (US$1.2 billion) in Indonesia, according to Presidential Chief of Staff of Indonesia Moeldoko.

    Moeldoko told a press on Nov. 6 that the construction will begin as soon as possible. He, however, did not reveal further details of the plan.

    Vinfast is one of the largest EV manufacturers in Southeast Asia, with its cars exported to Europe and America, the official said, adding its investment in Indonesia can help form an EV ecosystem in the country.

    Indonesia’s media reported that in early September, Vinfast leaders had a meeting with Indonesian Trade Minister Zulkifli Hasan who pledged to facilitate the automaker’s operation.

    Secretary General of the Association of Indonesia Automotive Industry (Gaikindo) Kukuh Kumara said in late October that Vinfast has discussed and expressed its willingness to join the association.

    The manufacturer is completing necessary procedures with the Indonesian government before officially entering the country’s auto market, he said.

    Lees ook:

    Lees ook:

    Lees ook:

  • Former bosses of Ford Vietnam, Be join transport firm Tasco

    Former bosses of Ford Vietnam, Be join transport firm Tasco

    Pham Van Dung, former CEO of Ford Vietnam, and Nguyen Thien Minh, co-founder of ride-hailing app Be, have taken up jobs at transport services provider Tasco.

    Dung has become chairman of SVC Holdings, a Tasco subsidiary and Vietnam’s biggest car distributor with a market share of 11.2%.

    Minh is the new chairman of Vietnam Electronic Toll Collection Company (VETC), another subsidiary, and Tasco’s Technology Council.

    Dung’s job description includes operations, developing strategic partners, research, initiating new projects, and expanding markets, including abroad.

    He has more than 20 years’ experience at global corporations such as GM-Daewoo, Ford and Inchcape, and has held a number of senior positions in the auto industry. From 2015 to 2022, he was CEO of Ford Vietnam, the first Vietnamese to be appointed to this position.

    Minh has more than 20 years of experience in building technology platforms at major firms and startups in the U.S., Europe and Singapore such as PayPal, Wells Fargo, BestBuy, OpenTV, DTT, and American Airlines.

  • Luxury car brands offer big discounts in October

    Luxury car brands offer big discounts in October

    Mercedes, BMW, Audi, and Volvo have been slashing their prices by hundreds of millions of dong (VND100 million = US$4,200) in October.

    Audi is offering discounts on its A4, A6, A8L, Q2, Q3, Q5, Q5 Sportback, Q7, A7 Sportback, and Q8 models of up to VND300 million.

    Mercedes is offering discounts of 6-10% on some locally assembled models such as the C-class and E-class, and 3% on imports like the GLB and GLS.

    The C-class, which has a price tag of VND1.599-2.099 billion, is getting discounts of 6%, equivalent to VND95-125 million.

    Mercedes is subsidizing registration, which costs 10% in HCMC and 12% in the north, by half for locally made vehicles. The registration fees are calculated based on car prices in each locality. The rates are 12% in Hanoi and northern Hai Phong City, and 10% in Ho Chi Minh City.

    Volvo also bears half the registration cost for all models except the V60 Cross Country line for which it pays the full fee.

    Truong Hai, a BMW distributor, is offering big discounts.

    The prices of the X5, Series 5, Series X3, and Series 3 have been cut by VND160 million, VND80 million, VND70 million, and VND50 million.

    Some luxury car distributors said demand is up in October, though still lower than a year ago.

    Analysts do not expect vehicle sales to reach last year’s figure of 500,000.

    Lees ook:

  • September auto sales hits 6-month high

    September auto sales hits 6-month high

    Vietnam’s auto sales in September hit their highest peak since March, totaling 25,375 units, demonstrating a slight increase in demand.

    But the figure for the period is still a 24% year-on-year drop, according to the Vietnam Automobile Manufacturers Association (VAMA).

    In the first nine months sales dropped 29% year-on-year to 209,929 units.

    Truong Hai Auto Corporation (Thaco) sold more cars here than any other firm, totaling 67,228 units in the period, down 34% year-on-year.

    Toyota followed with 38,490 units, down 40%.

    Ford bucked the trend with 71% growth to 26,484 units.

    Mitsubishi and Honda rounded out the top five.

    Industry insiders said that the rise in September sales came as a batch of new models were released in August and many dealers offered large promotions to boost demand.

    Customers also want to take advantage of a reduction in registration fee, which will only last until the end of the year.

    Lees ook:

    Lees ook:

    Lees ook:

  • VinFast revenues jump on EV sales to Vietnam affiliate

    VinFast revenues jump on EV sales to Vietnam affiliate

    Vietnamese electric car maker VinFast said on Thursday its third-quarter revenue more than doubled with the largest share of its sales going to an affiliate company owned by its founder.

    About 60% of VinFast’s deliveries, or more than 6,000 vehicles, went to Green SM (GSM), a Vietnam-based taxi operator and leasing provider 95% owned by VinFast’s founder, Pham Nhat Vuong, executives said on a call with analysts.

    VinFast had not provided that breakdown in its published earnings.

    For the past two quarters GSM has accounted for about two-thirds of VinFast’s sales.

    VinFast recorded US$343 in revenue for the three months ended Sept. 30, up 159% on the year. Its net loss widened 33.7% to US$623.

    The company aims to hit break even within two years and run its factory in Vietnam at full capacity by then. The factory in Haiphong has the capacity to produce 250,000 electric vehicles (EVs) per year but has been running far short of that.

    GSM launched Vietnam’s first pure EV taxi service earlier this year with a target of starting with 600 VinFast EVs. It also operates a ride service with VinFast electric scooters, executives said.

    It was not immediately clear how many of the 13,000 vehicles GSM has bought from VinFast over the past two quarters would go into its fleet or how many it would hold to lease to customers.

    VinFast Chief Executive Le Thi Thu Thuy said VinFast planned to expand its partnership with GSM to include Indonesia and India, where it is setting up smaller-scale factories that will assemble vehicles shipped in parts from Vietnam.

    “For VinFast, GSM is a very good partner,” she told analysts. “There have been an overwhelming number of questions over GSM.”

    Executives said VinFast expected to have its first U.S. franchise dealership open by the end of the year and was considering proposals from 27 dealers to sell its vehicles, including a second model, the VF 9, it expects to launch this year.

    VinFast, which was formed in 2017 and began making EVs in 2021, plans to set up kit assembly plants in both India and Indonesia to take advantage of EV incentives on offer in those markets, Thuy said.

    VinFast has entered the market at a time when EV prices are under pressure, led by cuts at market leader Tesla (TSLA.O)and a range of Chinese companies.

    VinFast, backed by Vingroup, Vietnam’s largest conglomerate, was listed on the Nasdaq in August after a merger with a blank-check company.

    Shares in VinFast were up 4.5% at US$8.4 each by 1410 GMT.

    The company, which ended the quarter with US$130 million in cash, said it expected to receive around US$1.2 billion in grants from its parent company, its founder Vuong, and two key shareholders in the next six months.

    Lees ook:

  • 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.

    Lees ook:

    Lees ook: