Electric Vehicle Company’s Stock Takes an Unexpected Turn

As of the November 21st session, TMT shares of TMT Motor Corporation continued their dramatic surge, marking the fourth consecutive session of hitting the upper limit. The stock price accelerated to VND 12,600 per share, reflecting a nearly 30% increase in just one week.

This remarkable rally follows a deep decline below par value, the lowest since late last year. Trading activity on this stock was also vibrant, with over 200,000 matched orders in the final session of the week, significantly surpassing recent averages.

TMT Motors originated from the Transportation Equipment Trading and Manufacturing Company, primarily engaged in the production, assembly, and distribution of automobiles and related parts. The company has long been recognized for its renowned truck brands such as Cuu Long, Tata, Howo, and Sinotruk tractor trucks, catering to heavy-duty transportation needs.

In recent years, TMT Motors has gained attention by entering the electric vehicle market, manufacturing, assembling, and distributing the Wuling Hongguang MiniEV in Vietnam. These compact electric vehicles are considered affordable and accessible, attracting significant consumer interest.

Beyond vehicles, TMT Motors is aggressively expanding its electric charging infrastructure. In June this year, the company rebranded its wholly-owned subsidiary, initially capitalized at VND 100 billion, from TMT Electric Vehicle Charging Station Investment and Trading JSC to Vietnam Egreen Charging Station Investment JSC (VN Egreen). Mr. Bui Van Huu, Chairman of TMT Motors, also serves as Chairman of VN Egreen.

VN Egreen aims to establish a minimum of 30,000 charging stations (approximately 60,000 charging points) by 2030, with capacities ranging from 7kW to 240kW, serving both electric cars and motorcycles. These stations are designed to be compatible with various brands in the market.

However, TMT’s business landscape remains fraught with challenges. In the first nine months of 2025, the company’s revenue reached VND 1,620 billion, a slight 3% decrease year-on-year. After-tax profit stood at VND 57 billion, a significant improvement from the VND 191 billion loss in the same period last year, attributed to restructuring efforts initiated in 2024 and reduced reliance on affordable Chinese electric vehicles. Compared to the annual targets of VND 3,838 billion in revenue and VND 270 billion in after-tax profit, TMT has only achieved about 21% of its profit goal after nine months.

Notably, despite returning to profitability, TMT’s operating cash flow remained negative at VND 21 billion in the first nine months, contrasting with the positive VND 816 billion in the same period last year. Conversely, financial cash flow recorded a positive VND 32 billion.

As of September 30, 2025, the company still carries accumulated losses of VND 213 billion, equivalent to 57.1% of its VND 372.9 billion charter capital, indicating lingering pressures from previous challenging business periods.