This marked the second-highest quarterly profit in the company’s history, according to its financial disclosure.
Revenue went up 31% to VND676 billion.
Last year, TMT Motors recorded a historic loss of VND325 billion.
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Wuling cars in Vietnam. Photo courtesy of Wuling EV Vietnam |
The company attributed its strong Q1 performance to a 76% reduction in financial costs, primarily due to clearing excess inventory.
Additionally, selling, administrative, and corporate income tax expenses decreased by billions of Vietnamese dong.
TMT Motors, however, still carries an accumulated loss of VND228 billion.
Financial debt stands at VND541 billion, down 14% over the past three months.
TMT Motors, managed by the Ministry of Construction, initially focused on distributing light trucks. Today, it collaborates with China’s SAIC-GM-Wuling joint venture to manufacture, assemble, and distribute Wuling electric vehicles in Vietnam.
The company currently offers two electric models – the Wuling Mini EV and Wuling Bingo – alongside gasoline-powered light trucks.
TMT Motors plans to launch seven new electric vehicle models in Vietnam this year, all compatible with standard 220V household outlets for charging.
Among these, the Baojun E100, a two-seater, will be priced below VND150 million (excluding taxes and fees), making it one of the cheapest EV models in Vietnam.
At the company’s annual general meeting this year, leadership unveiled an ambitious plan to establish 30,000 charging stations across Vietnam, to be implemented in two phases over five years.
“We will install pilot charging stations in Hanoi and Ho Chi Minh City starting in June and aim to have 200 stations operational by year-end,” chairman Bui Van Huu said.
The remaining 28,800 stations are targeted for completion by the end of 2029, he added.
