Today: 28/03/2023 13:10:24 (GMT+7)

Auto distributors report record profits in 2022

Auto distributors posted record profits last year as demand recovered after a two-year slump due to Covid-19.

Savico, which distributes Toyota, Honda, Ford and other cars, reported record profits of VND688 billion ($29.34 million), which represents a 2.7-fold rise from 2021 and is larger than the combined figures of the previous two years.

Auto distributors report, record profits, pre-tax profits, high demand, temporary supply shortage, global production

A Mercedes E300 AMG seen in Hanoi.

Haxaco, the main Mercedes distributor in Vietnam, saw pre-tax profits nearly double to VND300 billion, also a record figure, mostly thanks to high demand in the first nine months.

City Auto, distributor of Ford cars, saw pre-tax profit double to VND145 billion, the highest since the company listed on the Ho Chi Minh Stock Exchange in 2017.

Its revenues rose by 40% to VND6.36 trillion.

TC Group, the assembler and distributor of Hyundai in Vietnam, estimated its revenues at VND118 trillion after a 15.6% increase in sales to 81,500 units. The company has not released its profit figures.

The 50% cut in registration fees – of 10-12% of the price -- on locally assembled cars, in the first five months of last year helped boost demand post-Covid.

There was a temporary supply shortage in the first half of the year.

"Semiconductor chip shortages have hampered global production, but created opportunities for dealers to increase prices by up to 50%," analysts at SSI Research said.

"A surge in demand since the end of the pandemic boosted vehicle sales in 2022."

In the last quarter, however, the market was dampened by a lack of bank credit.

SSI Research forecast sales to increase by a modest 5% this year, saying economic difficulties would hit demand.

Vietnam auto production ranks 4th in Southeast Asia
Vietnam ranks fourth in Southeast Asia in auto production in the first 10 months at 362,000 units, up 16.4% year-on-year, according to the General Statistics Office.
VinFast to supply 2,500 units to US car subscription service Autonomy
Vietnam's electric vehicle maker VinFast said on Thursday it has struck a deal with U.S. car subscription service Autonomy to supply more than 2,500 units.
September auto sales up 8.5%
Auto sales rose by 8.5% in September to 33,463 units as the market slowly recovered amid tightening global spending.
Automobile sales soar by 247% in August
Members of the Vietnam Automobile Manufacturers’ Association (VAMA) logged their August vehicle sales at 30,846, a month-on-month increase of 2% and a year-on-year surge of 247%.
Chinese automaker Chery plans to set up plant in Vietnam
China’s state-owned Chery Automobile has said it wants to sell its first made-in-Vietnam car by next year.

Source: VnExpress

Auto distributors report, record profits, pre-tax profits, high demand, temporary supply shortage, global production
New comment has just been added. Click here
Sort:NewBest News