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Tasco and Geely have finalized contracts and agreements worth a whopping $168 million. The two entities will collaborate to assemble CKD automobiles, catering to both the domestic market and export demands to countries with free trade agreements with Vietnam.
Initially, the focus will be on assembling Lynk & Co and Geely Auto vehicles, both brands owned by the Chinese conglomerate, Geely Holdings.
The factory is designed with an impressive annual capacity of 75,000 vehicles in its first phase, slated to break ground in early 2025, and aims to deliver the first finished cars to customers in early 2026. This facility also holds the potential for future expansion to assemble other automotive brands.
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In addition to the assembly project, Tasco will also take on the distribution of the Geely Auto brand in Vietnam. Following the footsteps of Volvo, Lynk & Co, and Zeekr, Geely Auto becomes the latest addition to the portfolio of Geely brands distributed by Tasco in the Vietnamese market.
As per the agreement, Tasco and Geely will jointly attract investors to complete the supply chain of components and invest in the construction of an R&D center for the automotive industry in Southeast Asia.
The two entities also aim to establish a university for automotive technical training and invest in smartphone production to facilitate the connection between automobiles and humans in Thai Binh province.
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The Geely Auto Group, established in 1986, has a global presence in 80 countries and regions. According to data from Nikkei Asia, Geely was the only Chinese automaker to make it into the top 10 best-selling global automakers in the first quarter of the year.
Apart from Geely Auto, the Chinese conglomerate also owns several other automotive brands, some of which are already being distributed by Tasco in Vietnam, including Volvo, Lynk & Co, and Zeekr.
With the newly planned factory in Vietnam, the pricing of various Geely-owned automotive brands distributed by Tasco is expected to become more competitive for local customers.
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Lynk & Co 06, currently the most affordable offering from the Geely portfolio distributed by Tasco, is available only as a fully imported model from China, priced at VND 729 million. With local assembly, the price of the Lynk & Co 06 is expected to become more competitive, positioning it as a strong contender in the B-segment SUV market. Other Lynk & Co models, the soon-to-be-launched Zeekr electric vehicles, or even Volvo electric cars, could potentially be locally assembled as well, making these brands more competitively priced. |
Recommended Reads for Your Next Road Trip
Our Automotive section brings you a selection of captivating books to keep you engaged during those long drives. These literary companions will surely add a new dimension to your travels.
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