Tasco Auto acquires Sweden Auto

Sweden Auto operates a network of four Volvo dealerships in Hanoi, Ho Chi Minh City, and Danang. With a network of nearly 90 showrooms nationwide, the acquisition of Sweden Auto further strengthens Tasco Auto’s position as the largest automotive distributor in Vietnam.

Beyond its distribution business, Tasco Auto is also reaffirming its long-term investment strategy for the automotive industry by continuing to develop its vertically integrated business model, becoming the authorised importer of premium car brands such as Volvo (through Sweden Auto) and Lynk & Co (through GreenLynk).

Tasco Auto has also recently shared plans to move upstream with the Complete Knock Down assembly plant project in partnership with a top 10 global original equipment manufacturer.

Sweden Auto, after five years entering the Vietnamese market, has become one of the Top 3 luxury car brands in Vietnam.

In 2022, the company achieved pre-tax profit of VND335 billion ($13.2 million). While the automotive market faced challenges in 2023, resulting in a decline to $2.12 million in pre-tax profit.

Sweden Auto recorded a significant rebound in the first five months of 2024. Pre-tax profit in the first five months of 2024 nearly doubled compared to the entirety of 2023, reaching $4.13 million.

Car sales in the first five months of 2024 have also surged by 23 per cent on-year. Volvo’s market share continues to climb, capturing 14 per cent of the luxury car segment in May 2024.

Volvo, renowned for its world-class safety features and environmental responsibility, is increasingly being chosen by Vietnamese customers. It has established a strong foothold within a short timeframe, boasting a compound annual growth rate of 164 per cent over six years.

Volvo values meeting Vietnam’s consumers As a world-renowned vehicle brand, Volvo Cars has consistently gone above and beyond client expectations. Nick Connor, head of Volvo APEC, talked to VIR’s Luu Huong about the group’s long-term strategic plan in the Vietnamese market as well as its core values and sustainability commitments.

Targeted support can increase prospects for vehicle industry In many countries around the world, the automobile industry plays an important role in the national economy. It greatly contributes to the nation’s GDP and creates millions of jobs for people. At present, Vietnam needs effective and practical solutions to develop its industry further.

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