LVMCHoldings announced that on the 23rd, it successfully concluded the ‘2024 Daehan Motors Dealer Conference’ held in Ho Chi Minh City, Vietnam, where it selected and awarded dealers who showed outstanding performance over the past year. Daehan Motors, LVMCHoldings’ Vietnamese subsidiary, stated at the event that despite the sluggish economic environment in Vietnam last year, it achieved profitability for the third consecutive year following 2022.
The event was attended by representatives from 53 dealers across Vietnam, Daehan Motors Chairman Nguyen Hai Trung and executives, as well as LVMCHoldings’ staff. The conference presented Daehan Motors’ 2023 sales performance, the current status of the Vietnamese commercial vehicle market, and business plans and strategies for 2024.
Regarding last year’s performance, Daehan Motors’ minivan (TERA-V) showed solid growth, with sales of the 2nd-row seat model increasing by 74% compared to the previous year, achieving the 2nd highest market share. The TERA-V is designed to efficiently utilize interior space. It is analyzed to have been popular among consumers who want to use the vehicle for multiple purposes due to its ample passenger capacity and cargo loading volume. Additionally, the small truck Tera100 model maintained steady sales, selling 2,187 units last year, and held the 3rd place market share (15%) in the small truck segment in 2023.
At this conference, the new models of the minitruck and minivan, TERA Star and TERA V6, were also launched. The TERA Star and TERA V6 feature larger cargo spaces compared to existing minitrucks and minivans. Moreover, while meeting Euro 5 emission standards, they are the first in the Vietnamese minitruck and minivan segment to combine a direct injection (GDi) engine with a VVT engine, equipping a more powerful engine. This engine upgrade resulted in a 15% increase in maximum allowable load, as well as improvements in fuel efficiency and output. Furthermore, to enhance driver safety, they are equipped with ABS and EBD brake systems, rear cameras, and rear parking assist sensors, making them the most advanced safety systems in their class. Visibility was improved through redesigned side mirrors, and driver convenience was enhanced with an interior driver’s seat display, one-touch automatic control functions, a central armrest, and optional premium leather seats.
A company official stated, “With the Vietnamese subsidiary recording profits for three consecutive years, 2024 is expected to be a year with many new models, so we have higher expectations than ever.”
Meanwhile, Daehan Motors, LVMCHoldings’ Vietnamese subsidiary, began its full-scale entry into the Vietnamese market by constructing an automobile production plant in Ho Chi Minh City in 2015 and relocating its representative office to Ho Chi Minh City in 2017. Daehan Motors holds a license to produce all vehicle types from small trucks to large trucks and produces and sells its own brand ‘TERACO’ trucks.
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