“TMT Motors Aims to Develop a Minimum of 30,000 Charging Stations in Vietnam by 2030.”

At the 2025 Annual General Meeting of Shareholders, TMT announced that it would proactively invest and partner with domestic and foreign partners to produce and install electric vehicle charging stations using advanced technology. The charging stations will be designed with a capacity of 7kW and above, utilizing the European CCS2 standard and other international standards, suitable for the Vietnamese market reality.

The charging station network will not only serve the needs of individual customers but also be planned to meet the operational requirements of electric taxi companies and urban freight transport fleets. According to the plan, the total number of charging guns installed by 2030 is expected to reach 60,000 units.

In parallel with the investment in charging infrastructure, TMT is also promoting the production, assembly, and business of electric motorcycle and three-wheeled passenger and cargo vehicle lines. The company aims to build a complete electric vehicle ecosystem, including the supply of spare parts and auxiliary equipment.

TMT’s representative said that the company has been working with some reputable charging station suppliers and is initially deploying cooperation activities. This is considered the next step in the strategy to expand into the electric vehicle field that the enterprise has been pursuing since 2023.

TMT has a long experience in the field of manufacturing and distributing trucks under brands such as Cuu Long, Tata, Howo, DFSK, and TMT, with a product range from 900 kg to 40 tons. In 2023, the company officially entered the electric vehicle market by cooperating with the SAIC-GM-Wuling joint venture (China) to distribute mini electric vehicle models in Vietnam.

To meet new demands, TMT has completed an electric car assembly line in Hung Yen, with an initial design capacity of 30,000 vehicles/year, and is considering increasing it to 60,000 vehicles/year in the near future. Currently, the enterprise distributes two electric car models, Wuling Mini EV and Wuling Bingo, and plans to launch seven other Chinese electric car models this year.

In 2023, TMT sold 591 electric vehicles, which increased to 1,358 vehicles in 2024. Most of the electric vehicles were sold to taxi companies such as Let’s Go Taxi and TOGO Group, mainly operating intra-provincially with fares ranging from 8,000 to 9,000 VND/km.

However, the company’s business performance has not been favorable. In 2024, TMT recorded a record net loss of 325 billion VND, causing equity at the end of December 31, 2024, to decrease significantly, to 112 billion VND.

In 2025, the enterprise sets a sales target of 8,075 vehicles, up 152% over the previous year. Of which, the expected number of electric vehicles is 3,404 units. TMT targets a net profit of 270 billion VND, marking a strong recovery expectation after a loss-making financial year.

To serve the expansion plan, the company expects to recruit 750 workers for the factory, bringing the total number of employees after recruitment to about 1,260. This happens when in 2024, TMT reduced 79 employees, bringing the total number of employees to 510.

The simultaneous development of the charging station network and the expansion of the electric vehicle product portfolio show that TMT is aiming to build a comprehensive electric vehicle ecosystem in Vietnam. This strategy is considered inevitable in the context of the rapid electrification of the automotive market, especially in the electric taxi and urban transport segments.

TH (Tuoitrethudo)