Daehan Motors, the Vietnamese subsidiary of LVMCHoldings, is expected to achieve its highest-ever performance in the second quarter of this year. According to the company, monthly sales in the second quarter are estimated at 617 units in April, 506 units in May, and approximately 500 units in June, bringing the cumulative sales for the first half of the year to a total of 3,044 units. This represents an increase of about 59% compared to the 1,914 units sold during the same period last year, marking the best performance since the establishment of the Vietnamese subsidiary.
This achievement is attributed to three main factors: a product strategy tailored to local market demand, improvements in production efficiency, and enhanced brand trust within the market. Currently, the number of pre-orders from dealers exceeds 800 units. With this solid demand base and the expansion of production capacity, the company expects a stable sales trend to continue over the coming months.
Daehan Motors entered the Vietnamese market in earnest in 2015 by building an automobile manufacturing plant in Cu Chi District, Ho Chi Minh City. The company has secured production licenses for all vehicle types, from small to large trucks, and produces and sells vehicles under its own brand 'TERACO'. Daehan Motors is rapidly expanding its market share as the fourth-largest commercial vehicle CKD (Completely Knocked Down) manufacturer in Vietnam, following THACO, Hyundai, and ISUZU.
The company's performance is being driven by the solid growth of its flagship 'TERA' series. The new minivan launched last year has maintained strong sales since its market debut, inheriting the competitiveness of previous models and consistently ranking second and third in the market. As a result, sales momentum has continued. From January to May of this year, total minivan sales reached 909 units, a 163% increase compared to 346 units during the same period last year. Accordingly, the market ranking rose from fourth to second place within a year, and market share expanded to 34%. The flagship model, Tera V8, has received positive feedback from core customers due to its optimal configuration for logistics and business use, while the Tera V6 has increased customer satisfaction with its sophisticated design and price competitiveness.
Growth has been balanced not only in minivans but also in the mini truck and medium-duty commercial vehicle segments. The mini truck lineup, equipped with Mitsubishi engines, has strengthened brand loyalty based on proven durability and customer trust over the long term. The main models, TERA100S and TERA-STAR, recorded sales of 898 units during the same period, a 40% increase compared to 641 units last year, maintaining third place in market share.
In the medium-duty commercial vehicle market, the TERA345SL model, equipped with an ISUZU engine, has maintained a dominant first place in the Light Duty (6.3-meter class) truck segment thanks to its robust quality and durability. Sales of this model also reached 295 units during the same period, a 101% increase from 147 units sold last year.
Daehan Motors is actively responding to growing market demand this year by comprehensively improving its production infrastructure, including doubling the painting process, expanding the secondary quality inspection line, and enlarging warehouse capacity. As a result, the maximum monthly production capacity has increased from 400 units to over 600 units. Securing production flexibility has strengthened the company's ability to respond to market demand, which in turn has led to improvements in key management indicators such as increased customer satisfaction, higher sales, and shorter delivery times.
Daehan Motors plans to continue its strategic efforts to sustain growth in the second half of the year. A company representative stated, "We aim to establish our position as a leading company in the Vietnamese commercial vehicle industry by diversifying our product portfolio through new partner development and expanding distribution channels," adding, "In the second half of this year, we plan to launch Feidi, a high-quality diesel commercial vehicle based on ISUZU engines. While maintaining the competitiveness of our existing minivan and mini truck lineups, we will also strengthen our 1.9- to 3.5-ton product range, enhance our diesel lineup, and increase production capacity to secure long-term growth momentum."
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