TMV marks 11% increase in 2018 car sales

Wednesday, Jan 09, 2019 17:50

A manufacturing line of Toyota Motor Vietnam in the northern province of Vinh Phuc. — Photo TMV

Toyota Motor Vietnam (TMV) achieved a record sales volume of nearly 66,000 units, excluding imported Lexus cars, in 2018, marking a year-on-year increase of 11 per cent.

According to its business results report released on Wednesday, TMV said the Vios was its leading model with 3,600 units sold in December. The Innova and Fortuner were also listed in the best-selling cars of 2018.

Nearly 52,600 units were locally manufactured in 2018, up 27 per cent compared 2017. These figures show TMV’s commitment to pursuing local production to boost the automobile industry’s development.

TMV’s export turnover reached nearly US$71 million last year, contributing to the accumulated turnover of around US$535 million.

In the past year, TMV established a specialised department to support suppliers – especially local one – in reforming their management capability, increasing working efficiency and boosting product quality, which is seen a decisive factor in raising the localisation rate (the percentage of parts coming from local suppliers).

The firm has one of the highest localisation rates of any FDI firm in the industry, with more than 400 components provided by 33 suppliers, of which five are Vietnamese.

TMV contributed around $699 million in taxes to the State budget last year. — VNS

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