Get Ready for the Grand Opening of a State-of-the-Art Automotive Factory in Thai Binh with an Investment of Over VND 4,300 Billion; Phase 1 Capacity Targets 75,000 Vehicles per Year

At the annual general meeting held on May 26, 2025, Tasco Joint Stock Company (code HUT – HNX) shared that automotive services remain a core focus and strategic pillar for the company.

In 2024, Tasco recorded consolidated revenue of VND 30,249 billion, an increase of 175%; and consolidated after-tax profit of VND 305 billion, up 441% over the previous year. This remarkable performance was primarily driven by growth in core business operations, especially in the automotive services segment.

The company sold 40,555 vehicles, increasing its market share to 13.7% (according to VAMA), and expanded its network to 106 showrooms in 2024 and 126 showrooms at present. Tasco also completed its investment in the Volvo luxury car distribution chain and became the distributor for global automotive brands such as Lynk & Co, Zeekr, and Geely, bringing the total number of international brands distributed by the company to 16.

In the used car business, Carpla has aggressively expanded its automall system, partnering with used car showrooms within the Tasco Auto system, and successfully transacted 5,833 vehicles.

For 2025, Tasco’s strategic focus is on vertical integration, connecting the One Tasco system and partners to serve customers throughout the product and service lifecycle: from purchasing new and used cars, insurance, and financing to maintenance, repair, car rental, car care, and smart transportation conveniences – all touchpoints are seamlessly connected.

Building on the successes of 2024, Tasco aims for a total revenue of VND 39,878 billion and after-tax profit of VND 571 billion in 2025, representing increases of 31.8% and 87.2%, respectively, over the previous year.

According to plans, the CKD factory, a joint venture between Tasco and Geely with a total investment of approximately USD 168 million and an initial capacity of 75,000 vehicles per year, will be inaugurated in 2025 and operational by 2026. The joint venture will initially assemble Lynk & Co and Geely Auto models and may expand to include other brands in the future.

The company aims to increase its nationwide showroom count to 150, expand its portfolio of international brands, and complete its automotive ecosystem with Carpla – an e-commerce platform for used cars (Carpla Ecommerce), repair and genuine parts services (Carpla Service), and Stargo car rental, comprehensively serving the market’s needs.

Tasco’s leadership shared that the company has chosen a “step-by-step” strategy, focusing on distribution as a foundation before venturing into manufacturing. By not rushing into building a factory from the outset, Tasco gains time to understand the market, identify products that match actual demand, and thereby minimize risks in investment and mass production. This approach also enables better cash flow management and operational efficiency.

Explaining the choice of Geely as a partner, Mr. Vu Dinh Do, Chairman of Tasco’s Board of Directors, shared: “50 years ago, Japan was the symbol of the global automotive industry. 20 years ago, it was South Korea. And in the next 20 years, China will undoubtedly be a force to reckon with.” With its leading position in the world’s largest automotive market, diverse ecosystem, and global expansion experience, Geely is expected to bring Tasco a competitive edge in its journey to become a regional hub for automobile manufacturing and exports.