In a recent announcement on May 6, 2024, New Energy Holdings (NEH), a subsidiary of Tasco Auto, communicated an important update regarding their investment project with BYD in Vietnam. In a statement addressed to the general manager of BYD Vietnam, NEH revealed that their parent company has made a significant shift in its business strategy. As a result of this new direction, NEH acknowledged that “stretching resources would make it challenging to meet the goals necessary for a successful distribution project of BYD-branded automobiles in the Vietnamese market, as well as to fully comply with the requirements of the manufacturer.”
Consequently, NEH decided to halt the entire BYD dealership investment project in Vietnam effective immediately as of May 6, 2024. NEH expressed that “this decision will enable BYD Vietnam to promptly seek alternative investors.”
Prior to this development, NEH was regarded as one of the largest distributors of BYD vehicles in Vietnam. Their decision has sparked concerns about the plans of China’s largest electric vehicle manufacturer to enter the Vietnamese market.
In a statement to domestic reporters, a representative of BYD Vietnam expressed respect and support for NEH’s decision. At the same time, BYD Vietnam asserted that their company’s plans remain unchanged and are being implemented swiftly. BYD Vietnam maintains its goal of developing at least 50 dealerships nationwide, with a broad presence in provinces and cities such as Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Vung Tau, and Can Tho. The company aims to inaugurate 15 showrooms in June 2024.
According to plans, the BYD brand will officially launch in the Vietnamese market in June this year. In the initial phase, BYD will distribute six models in Vietnam: Atto 3, Seal, Dolphin, Han, Tang, and Song. Among these, the Atto 3, Seal, and Dolphin are pure electric vehicles, while the Han, Tang, and Song will be available in both pure electric and plug-in hybrid (PHEV) versions.
The BYD Atto 3 is one of the six models that BYD will distribute in Vietnam.
BYD vehicles sold in Vietnam will be imported as complete built-up units while the company awaits the construction of its electric vehicle assembly plant. The plant is expected to be built in the Phu Ha Industrial Park in Phu Tho province, where BYD currently manufactures tablets for Apple. However, there have been reports of BYD slowing down the construction of its electric vehicle assembly plant in Vietnam due to strategic adjustments and a slowdown in the electric vehicle market.
Tasco Auto, the parent company of NEH, currently operates a network of 86 showrooms nationwide and is responsible for distributing vehicles for 14 brands, including Toyota, Ford, Mitsubishi, Volvo, and Lynk & Co.
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