Tasco acquired Volvo importer in Vietnam
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- Brand
- 17:17 11/07/2024
DNHN - Volvo is currently a leading luxury car brand in Vietnam, five years after entering the market. Volvo's market share continues to grow, accounting for 14% of the luxury car market share this May, according to Tasco.
Tasco Auto, a member of Tasco's automotive ecosystem, has acquired 100% of the capital of Sweden Auto, the official importer and distributor of Volvo cars in Vietnam.
This information was recently announced by Tasco Joint Stock Company (HUT). Accordingly, the acquisition of Sweden Auto allows Tasco Auto (formerly Savico Holding) the rights to import and officially distribute Volvo cars in Vietnam. This agreement also helps Tasco expand its network of showrooms nationwide, continuing to hold its position as the largest car distributor in Vietnam.
Volvo is currently a top luxury car brand in Vietnam, having joined the market five years ago. Volvo's market share continues to grow, accounting for 14% of the luxury car segment's market share this May. In 2022, Sweden Auto, the importer and distributor of Volvo cars, achieved a pre-tax profit of over VND 330 billion. Last year, the unit's profits declined due to market difficulties but have rebounded in the first half of this year.
In addition to the distribution segment, companies within Tasco's ecosystem are also developing a vertically integrated business model, becoming the official importer of brands like Volvo (through Sweden Auto) and Lynk & Co (through GreenLynk).
Tasco Auto maintains a 13.5% market share (according to VAMA, for the first nine months of 2023), distributing a variety of brands including major ones like Toyota, Ford, Mitsubishi, and the luxury brand Volvo, with its automotive segment revenue exceeding USD 1 billion.
The company also invests in Carpla, a platform for distributing used cars with unique features from online to offline.
Last year, Tasco completed the acquisition of SVC Holdings, a company that owns the largest car distribution system in Vietnam.
Currently, Tasco's Chairman of the Board is Mr. Vu Dinh Do. He was elected to the highest position of Tasco's Board of Directors in April 2022, replacing Mr. Ho Viet Ha.
On the stock exchange, Tasco's HUT shares are trading at VND 17,200 per share, up more than 1% after a week but down nearly 11% over the past year. Tasco's market capitalization is over VND 15 trillion.
Tasco's charter capital is currently VND 8,925 billion. It also owns VET Automatic Toll Collection Company and the Six Senses Ninh Van Bay resort...
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