Vietnamese firm TMT Motors holds electric vehicle ambitions
TMT Motors has plans to invest in electric vehicle production as EVs gain popularity worldwide.
The company has set a target of launching its first EVs in the 2022-2027 period. In the northern province of Hung Yen, where it operates a truck manufacturing plant, TMT is going to work with provincial authorities to ask for an additional 50-80 hectares of industrial park land for its EV ambitions.
TMT has not unveiled precise details, but is considering an annual capacity of 100,000 EVs.
Trucks on display in front of TMT Motors's branch in Ho Chi Minh City. Photo courtesy of the company.
In 2015, India's biggest automotive company - Tata Motors - signed a distribution, supply and technology license agreement for commercial vehicles with TMT. Tata supplied both completely knocked down (CKD) and completely built unit (CBU) vehicles to its Vietnamese partner. Following the milestone, TMT has signed deals with Chinese truck brands to supply the Vietnam market.
VinFast, the car unit of Vietnam’s largest listed conglomerate Vingroup, has gradually shifted to EV manufacturing with global ambitions. The EV startup was established in 2017, launched its first fossil fuel cars in October 2018, and is expanding its EV sales and services networks in Europe and the U.S.
In terms of sales in the Vietnamese market, VinFast said it sold 3,050 cars this May, up 25.6% on April. The volume included 1,909 Fadil units, 425 Lux A2.0, 268 Lux SA2.0, and 448 VF e34 cars. This is the third consecutive month the number of electric VF e34s handed over to customers exceeded 400.
In the first five months of the year, VinFast’s total sales of 12,205 cars in Vietnam comprised 8,228 Fadil, 1,390 Lux A2.0, 1,228 Lux SA2.0, and 1,359 VF e34.
- Related News
- Read More
New stock trading system KRX unable to go-live on May 2: regulator
The State Securities Commission (SSC) has rejected the Ho Chi Minh Stock Exchange’s (HoSE) proposal to officially operate a new stock trading system called KRX on May 2, citing some securities firms as saying that there were errors during the testing process.
Finance - Fri, April 26, 2024 | 3:05 pm GMT+7
New expressway shortens Hanoi-Nghe An travel time to three hours by car
The Dien Chau - Bai Vot Expressway from Dien Chau district to National Highway 46B in Hung Nguyen district, the central province of Nghe An, will be opened to traffic on Sunday, shortening the travel time from Hanoi and the province’s Vinh town to three hours by car.
Infrastructure - Fri, April 26, 2024 | 12:00 pm GMT+7
Dairy giant Vinamilk targets 5% pre-tax profit growth in 2024
Vietnamese dairy giant Vinamilk aims to earn VND63.16 trillion ($2.5 billion) in revenue and VND11.5 trillion ($453.92 million) in pre-tax profit this year, up 4.4% and 5.1% year-on-year, respectively, CEO Mai Kieu Lien said on Thursday.
Companies - Fri, April 26, 2024 | 11:53 am GMT+7
LG invests $8.24 bln in northern Vietnam city, urged to do more in training, healthcare
South Korean chaebol LG’s investment in Vietnam’s northern coastal city of Hai Phong has amounted to $8.24 billion to date, and the local administration has called on the company to invest more in education-training and healthcare.
Industries - Fri, April 26, 2024 | 11:43 am GMT+7
SHB sets sights on pre-tax profit hike, bad debt ratio dip in 2024
Saigon-Hanoi Commercial Joint Stock Bank, one of the top private banks in Vietnam, is aiming for VND11.28 trillion ($444 million) in pre-tax profit in 2024, up 22.2% year-over-year, its chairman Do Quang Hien told the bank's AGM on Thursday.
Companies - Fri, April 26, 2024 | 11:07 am GMT+7
Leading broker SSI allays concerns over cybersecurity after VNDirect ransomware attack
Nguyen Duy Hung, chairman of leading brokerage house SSI Securities Inc., has responded to inquiries from shareholders regarding information technology system security following the hacking incident at VNDirect Securities by saying that SSI cares about information security .
Companies - Fri, April 26, 2024 | 10:13 am GMT+7
Gasoline retailer PVOIL posts $11.8 mln pre-tax profit in Q1
PVOIL, a subsidiary of state-run giant Petrovietnam, recorded a consolidated pre-tax profit of VND300 billion ($11.83 million) in the first quarter of 2024, up 5% year-on-year, said its leadership.
Companies - Fri, April 26, 2024 | 7:59 am GMT+7
US's human rights report has 'inaccurate information about Vietnam situation'
Vietnam on Thursday said it has ‘regrets’ over the recent annual human rights report released by the U.S. Department of State.
Society - Thu, April 25, 2024 | 10:05 pm GMT+7
Schools in Philippines go online amid extreme heat
Record heat in the Philippines in April has forced schools to send children home for online classes.
Southeast Asia - Thu, April 25, 2024 | 9:59 pm GMT+7
Marubeni seeks cooperation in sustainable aviation fuel, offshore wind power in Vietnam
Marubeni Asian Power Singapore Pte Ltd., a wholly-owned subsidiary of Japanese multi-sector giant Marubeni, is seeking to cooperate with Vietnamese businesses in sustainable aviation fuel and renewable energy, particular offshore wind power.
Energy - Thu, April 25, 2024 | 8:53 pm GMT+7
Vietnamese billionaire reaffirms steadfast commitment to EV maker VinFast
Vietnam’s richest man, billionaire Pham Nhat Vuong, says he personally and the conglomerate that he chairs, Vingroup, will continue financing VinFast despite heavy losses incurred by the EV-maker since 2017.
Companies - Thu, April 25, 2024 | 5:32 pm GMT+7
Malaysia tackles food security challenges
Empowering local communities in the agriculture sector to attract young people to this field is one of the measures taken by Malaysia to address labour shortage while also contributing to tackling challenges in food security.
Southeast Asia - Thu, April 25, 2024 | 5:10 pm GMT+7
UK supports ASEAN’s economic integration
The UK delegation to ASEAN held a seminar in Jakarta, Indonesia on Wednesday to discuss the ASEAN-UK economic integration programme.
Southeast Asia - Thu, April 25, 2024 | 5:09 pm GMT+7
Vietnam considers direct power purchase agreements with no restrictions on capacity, usage
A draft decree on direct power purchase agreements (DPPAs) between producers and large consumers via their own power lines has no caps on capacity, connection voltage level and intended usage.
Energy - Thu, April 25, 2024 | 5:07 pm GMT+7
Indonesian central bank raises interest rates to highest level in 7 years
Bank Indonesia (BI) on Wednesday raised interest rates to their highest level in seven years.
Southeast Asia - Thu, April 25, 2024 | 4:58 pm GMT+7
Bosch Vietnam, RMIT University to foster tech-driven workforce development
Engineering firm Bosch Vietnam will collaborate with Royal Melbourne Institute of Technology Vietnam (RMIT Vietnam) to provide students with skills and knowledge to meet changing demands in a “technology-driven landscape.”
Companies - Thu, April 25, 2024 | 4:27 pm GMT+7
