Under an agreement the two have signed, it will also add four million electric motorcycles, electric car producer VinFast has disclosed in its first-quarter financial report.
It said the partnership is expected to expand its international distribution network and enhance its brand recognition while supporting Green SM’s plans to expand its global fleet.
Green SM launched taxi services in India last week, its fourth overseas market after Laos, Indonesia, and the Philippines.
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Green SM cars, produced by VinFast. Photo courtesy of Green SM |
Both companies are controlled by Pham Nhat Vuong, Southeast Asia’s richest man. Green SM was set up in 2023 with a charter capital of VND3 trillion (US$113.9 million), but which has since ballooned to VND43 trillion.
The company, which uses only VinFast vehicles, initially focused on taxi and technology-based ride-hailing services before expanding into services like food and parcel delivery, and car and motorcycle rentals.
VinFast reported a 42% jump in revenues in the first quarter to VND23.11 trillion, driven by a sharp rise in electric vehicle sales both in Vietnam and overseas markets including Indonesia and the Philippines.
It sold 58,600 electric cars, up 61% year-on-year, 8% internationally, and 143,000 electric motorcycles and bicycles. Yet, it made a loss of more than VND28 trillion, up from VND17.7 trillion.
In 2023, Vuong had said the company expected to post losses for several years. But it now expects to break even next year after spinning off its manufacturing operations to a separate company owned by a group of private investors.
Source:e.vnexpress.net
