Ford Vietnam's distributor City Auto targets EV market expansion

June 03, 2023 | 09:00
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City Auto, the leading distributor of Ford vehicles in Vietnam, is strategically planning to expand its business network through mergers and acquisitions of smaller dealerships and exploring opportunities in the electric vehicle distribution market.
Ford Vietnam's distributor City Auto targets EV market expansion

In 2023, the company aims to invest significantly in upgrading its infrastructure, enhancing its brand image for Ford and Hyundai, and bolstering its post-sales services. Additionally, City Auto intends to collaborate with strategic partners to develop tailored business strategies that align with its diverse distribution networks and expand its range of business models.

During the Shareholder meeting held on May 31, Tran Ngoc Dan, chairman of the Board of Directors, shed light on the company's primary areas of focus.

“Firstly, City Auto aims to closely monitor the Vietnamese vehicle market to ensure and efficient operational management. Secondly, the company is determined to expand its sales network swiftly to achieve maximum market penetration,” Dan said.

According to the company's leadership, the entrance of prominent automotive brands into the Vietnamese market has attracted attention. City Auto sees this as a golden opportunity to expand its network and thrive.

Dan also shared that the company is actively engaged in negotiations with small-scale dealerships in the Central region, aiming to finalise mergers and acquisitions.

City Auto has also outlined plans to engage in capital investment contracts with potential companies within the automotive industry.

In addition, the company seeks to invest in EV projects, recognising the growing demand for sustainable transportation solutions.

In preparation for entering the EV distribution market, Dan highlighted that the company is investigating various types of EV by dispatching survey teams to exhibitions and trade shows.

The short-term strategy involves studying existing products in the market while exploring emerging brands, especially EVs from China. City Auto aims to commence the installation of electric charging stations within its network from 2024.

City Auto Corporation, formerly known as Tan Thanh Do City Ford JSC, was founded in 2009 with a primary focus on automobile trading and distribution. Over the years, the company has established itself as a prominent player in the Vietnamese automotive industry. In 2016, City Auto successfully transformed to a public company listed on the Ho Chi Minh Stock Exchange.

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By Lam Tien

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