Vietnam's auto distributor TMT to launch $3.8 mln charging station firm

Vietnamese auto distributor TMT Motors has announced the establishment of a charging station company with a charter capital of VND100 billion ($3.84 million).

The new firm, TMT Charging Station Investment and Trading JSC, is scheduled to launch in August, with TMT holding a 98% stake.

The initiative, approved at the company’s recent AGM, is part of a broader strategy to invest in and jointly develop advanced EV charging infrastructure with both domestic and international partners from 2025 to 2030.

TMT (HoSE: TMT) aims to roll out at least 30,000 charging stations nationwide by 2029, equivalent to 60,000 charging connectors based on CCS2 standard and other global specifications. The chargers will have a minimum capacity of 7kW and be customized to taxi operators’ needs.

It also plans to manufacture and distribute electric motorbikes, three-wheeled passenger and cargo EVs, as well as related components and spare parts.

TMT is in preliminary discussions with several reputable charging equipment providers, an executive said.

TMT entered the EV segment in 2023 through a distribution partnership with Chinese EV maker SAIC-GM-Wuling.

In 2024, TMT Motors reported a record loss of VND325 billion ($12.49 million). This year, the company targets sales of 8,075 vehicles, up 152% year-on-year, a net revenue of VND3.84 trillion ($147.6 million), and a net profit of VND270 billion ($10.38 million).

To meet these goals, TMT will focus on core truck models with stable demand and plans to introduce new EV models to diversify its product portfolio. It has signed a cooperation deal with Chinese brand Forland for dump trucks.