The 2023 Annual Report from TMT Motor Corporation (TMT Motors – Code: TMT) shows that, over the past year, the company sold 5,945 vehicles, fulfilling only 48.4% of the production and sales plan for the year. In particular, TMT primarily sold light trucks and other vehicles, with a volume of 4,732 vehicles, equivalent to 86.22% of the plan. Notably, in the past year, TMT sold 591 electric vehicles, achieving 10.7% of the planned target.
With the above number of vehicles sold, TMT recorded net revenue of 2,634 billion VND, a decrease of 13% compared to 2022, and reached 55.43% of the plan. The company’s after-tax profit decreased significantly by 95% compared to the same period in 2022, to nearly 2.4 billion VND, achieving only 3% of the plan.
In 2023, TMT signed a comprehensive cooperation agreement on the handover of the machinery system, as well as receiving technical support from SAIC GM WULING AUTOMOBILE CO., LTD.
Accordingly, TMT will manufacture, assemble, and sell the Wuling HongGuang Mini EV compact electric car in the Vietnamese market.
Since its debut in China, the Wuling Hongguang Mini EV quickly became the best-selling electric car in the country. At one point, the electric car produced by SAIC-GM-Wuling was among the top 3 best-selling electric cars globally.
TMT announced that the machinery system has now been assembled and has produced more than 1,392 electric cars in 2023.
In 2023, the company developed 21 3S electric car showrooms, with the goal of continuing to develop and build standard 3S showrooms for electric cars in all 64 provinces and cities in Vietnam in 2024.
In 2024, TMT plans to sell 1,016 electric cars, an increase of 72% compared to the actual number in 2023, with a net revenue of 2,645 billion VND, a slight increase of 1.2% compared to the previous year. However, the after-tax profit target is expected to reach 38.5 billion VND, an increase of nearly 475% compared to the same period last year.
Since its launch in Vietnam in June 2023, the Wuling Mini EV electric car has attracted considerable attention from domestic consumers due to its starting price, which is the lowest in the market at just over 200 million VND, lower than Class A cars like Hyundai Grand i10 or Kia Morning, as well as its unique design.
Recently, the online community was further surprised to discover that a transportation service provider in Phu Yen has decided to add this model to its taxi fleet.
It is known that from mid-April 2024, this company has posted job openings for the positions of driver, accountant, and operator. Commenting on the above information, many predict that this model will be suitable for tourist destinations, tours, or travel within city centers.
