Tasco Auto Acquires Sweden Auto, the Exclusive Importer and Distributor of Volvo Cars in Vietnam
In a recent development, Tasco Auto Joint Stock Company has announced its acquisition of 100% ownership of Sweden Auto Co., Ltd., the exclusive importer and distributor of Volvo cars in the Vietnamese market.
“Sweden Auto has risen to become one of the top 3 luxury car brands in Vietnam just 5 years after entering the market. In 2022, the company recorded a remarkable pre-tax profit of 335 billion VND. Despite a challenging automotive market in 2023, Sweden Auto’s business results remained resilient, with a pre-tax profit of 54 billion VND. However, in the first 5 months of 2024, the company witnessed a swift recovery in business performance, achieving a pre-tax profit of 105 billion VND, nearly doubling the figure for the entire previous year. The sales volume of vehicles sold during this period also increased by 23% compared to the same period last year. Volvo’s market share continued to grow, capturing 14% of the luxury car segment in May 2024,” according to an official post on Tasco Auto’s website.
With a network of nearly 90 showrooms nationwide, the acquisition of Sweden Auto further solidifies Tasco Auto‘s position as Vietnam’s largest automobile distributor. Volvo has established itself as a leading luxury car brand in Vietnam, just 5 years after its market entry. In 2022, Sweden Auto, the importer and distributor of Volvo cars, recorded a pre-tax profit of over 330 billion VND. While their profits dipped last year due to market challenges, they have rebounded strongly in the first half of this year.
Prior to this acquisition, Tasco Auto was already the official importer of the Lynk & Co brand through GreenLynk. Interestingly, both Lynk & Co and Volvo are owned by the Geely Group of China. Additionally, Tasco Auto has also expressed its ambition to venture upstream with plans to establish a car assembly plant (CKD) in collaboration with a partner ranked among the top 10 global OEM manufacturers.
According to industry experts, Tasco Auto’s complete ownership of Volvo and Lynk & Co in Vietnam presents a significant opportunity to distribute two additional electric vehicle brands, Polestar and Zeekr, both of which are also under the Geely Group.
In the automotive industry, Tasco Auto is committed to building an integrated business model that aims to serve customers throughout the entire lifecycle of their automotive needs, rather than just providing singular services. In addition to new and used car sales, parts, and repair services, Tasco Auto also offers value-added services such as insurance, loans, trade-ins, and parking lots…
TT (Tuoitrethudo)
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