Vietnamese auto firm aims to build 30,000 EV charging stations by 2030

The announcement was made at the company’s recent general shareholders meeting.

TMT will establish a dedicated subsidiary to focus on the investment and business operations of EV charging stations.

Alongside this move, the company will officially expand its business scope to include the production, assembly, and distribution of EV charging equipment.

Under the plan, TMT will either invest directly or form joint ventures with both domestic and international partners to roll out a minimum of 30,000 charging stations, equipped with an estimated 60,000 charging guns.

These stations are set to meet the European electric vehicle charging standard and other necessary requirements.

Each charger will have a capacity of at least 7kW.

In addition to charging infrastructure, TMT will also manufacture, assemble, and sell two- and three-wheeled electric vehicles for both passenger and cargo transport.

The company had previously indicated intentions to introduce new electric vehicle models to the market.

Responding to shareholder inquiries about the charging station strategy, TMT’s leadership confirmed ongoing discussions with reputable equipment suppliers and said that initial steps toward collaboration were already underway.

TMT is currently the Vietnamese partner of China’s SAIC-GM-Wuling Automobile, a joint venture between SAIC Motor, General Motors and Guangxi Auto, previously known as Wuling Group.

It is distributing the Wuling Mini EV, one of the most popular mini electric cars in China, locally.

At the end of 2024, TMT revealed it was negotiating with the joint venture to bring a commercial EV model to Vietnam that could serve as an affordable alternative to traditional motorbikes, with a projected price, inclusive of battery, under VND150 million (US$5,775).

According to TMT, the vehicle measures 2,488mm in length, 1,506mm in width, and 1,670mm in height.

On the stock market, the TMT stock surged to the ceiling price on Tuesday, reaching VND12,300 ($0.47) per share after three consecutive declining sessions.

However, the stock remains under a warning status, while the company is still burdened by significant accumulated losses.

TMT reported an after-tax profit of VND33.77 billion ($1.3 million) in the first quarter of 2025, which reduced its cumulative losses to just over VND236 billion ($9.08 million).

In its efforts to address these losses, the firm plans to boost vehicle sales, targeting 8,075 units in 2025, with a projected revenue of VND3.8 trillion ($147.6 million) and a net profit of VND297 billion ($11.4 million).