Tasco Auto recently shared plans to move upstream with a project for a complete knock-down (CKD) assembly plant in partnership with a top 10 global OEM manufacturer.
On July 8th, Tasco Auto Corporation announced its acquisition of 100% ownership of Sweden Auto LLC, the exclusive importer and distributor of Volvo vehicles in Vietnam. Sweden Auto operates a retail network with 4 dealerships in Hanoi, Ho Chi Minh City, and Da Nang, and has nearly 90 showrooms nationwide. This acquisition further solidifies Tasco Auto's position as the largest automotive distributor in Vietnam.
Before acquiring control of Sweden Auto, Tasco Auto's network already included ownership of businesses managing Volvo retail showrooms in Vietnam, such as Northern Europe Auto Corporation and Northern Europe Auto Hanoi LLC.
In addition to distribution, Tasco Auto is also emphasizing its long-term investment strategy in the automotive sector by continuing to develop a vertically integrated business model. The company has become the official importer of premium brands such as Volvo (through Sweden Auto) and Lynk & Co (through GreenLynk). Tasco Auto has recently shared plans to move upstream with a complete knock-down (CKD) assembly plant project in partnership with a top 10 global OEM manufacturer.
Regarding Sweden Auto, after 5 years in the Vietnamese market, it has become one of the top 3 luxury car brands in Vietnam. In 2022, the company achieved a pre-tax profit of 335 billion VND. In 2023, due to challenges in the automotive market, its business performance declined, with pre-tax profit falling to just 54 billion VND.
However, in the first 5 months of 2024, the company experienced a recovery, with pre-tax profit reaching 105 billion VND, nearly double the total profit for 2023. Vehicle sales in the first 5 months of 2024 grew by 23% compared to the same period last year. Volvo's market share continued to increase, capturing 14% of the luxury car market in May 2024.
