Sunday , April 21 2024

Thaco eyes 7% auto sales growth despite headwinds


Automaker Thaco Group plans to increase its sales 7.7% from last year to 120,000 units this year, with earnings of more than VND90 trillion ($3.80 billion), despite concerns about market challenges.

The plan calls for the sales of 96,000 passenger cars, 23,500 trucks, and 1,500 buses and minibuses, Chairman Tran Ba Duong said in a letter to employees.

Many global challenges are expected this year including rising inflation and tightened spending, Duong said, adding that Vietnam’s economy is forecast to grow slower while consumption declines.

Although Thaco is targeting a sales growth, Duong anticipates that the auto industry will see a drop in sales and that competition will be fierce. Lowering costs to bring down prices is a key mission, he added.

Thaco Group this year begins a new development phase with focus on six sectors: automobiles, mechanics and supporting industry, agriculture, logistics, investment, construction and commerce.

The company wants mechanics and supporting industry managed by its subsidiary, Thaco Industries, to be the second biggest business in the group with a target revenue of over VND20 trillion.

The company expects to manufacture and export 15,000 trailers to the United States, Canada, Mexico and Japan.

Thaco Industries was established last year with a charter capital of VND12.6 trillion. It expects to spend over VND3 trillion this year to build a manufacturing complex to produce auto parts.

Agriculture subsidiary Thaco Agri plans to grow 14,000 hectares of bananas, and expects to have over 100,000 cows and 215,000 pigs by the end of the year.

The construction unit Thadico – Dai Quang Minh will launch 24 new projects this year and complete three projects.

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