In late July, TMT announced its plan to expand into the electric vehicle market. The company will introduce 5 electric motorcycle models in Quarter IV. However, they have not yet specified the models, whether they were developed in-house or are from another brand.

This is TMT's first foray into the electric motorcycle business. Previously, the company assembled and distributed two compact Wuling electric car models: the Mini EV and the Bingo. The company also plans to launch the Nano S05 EV, smaller than the Mini EV and slightly more expensive than high-end scooters.

Simulation of a TMT battery swapping station in Vietnam. Photo: TMT

Simulation of a TMT battery swapping station in Vietnam. Photo: TMT

In addition to selling electric vehicles, TMT states it is investing in a network of public charging and battery swapping stations. However, the locations of these stations, which provinces or cities will be the first to have them, and when they will be operational remain unclear. The company hopes this will be a solution for electric car and motorcycle owners who lack home charging facilities but still want to use electric vehicles.

TMT's upcoming battery swapping stations will accommodate 5-72 battery packs, allowing for varied installation sizes. The company also mentioned locating them at existing gas stations for customer convenience and accessibility.

TMT's battery swapping station model is not the first in Vietnam. Vietnamese electric motorcycle company Selex Motor has been deploying these stations since 4/2023. Currently, Selex Motor has around 90 stations across Hanoi, Da Nang, and TP HCM.

VinFast has the largest number of public charging stations and pillars nationwide, primarily for cars. Most VinFast charging pillars are located in VinGroup-owned shopping malls.

In April, TMT announced a plan to invest in 30,000 charging stations nationwide over two phases spanning 5 years. Phase one will focus on major cities and key transportation routes. Phase two will expand to other provinces, rural areas, and remote regions, aiming for nationwide coverage.

Bui Van Huu, Chairman of the Board of Directors of TMT Motors, told VnExpress that the company aims to open around 200 charging stations in 2025, with the remaining 28,800 to be completed by the end of 2029.

TMT enters the electric motorcycle market as recent government policies aim to promote these vehicles. Domestic brands like VinFast, Pega, DK Bike, Dat Bike, and Selex Motor are currently capturing the domestic electric vehicle market share. These Vietnamese companies all invest in domestic factories and production. It remains unclear whether TMT's electric motorcycles will be assembled or imported.

Among domestic electric motorcycle brands, VinFast currently leads in market share. Their 2024 sales reached nearly 71,000 units, equivalent to almost 3% of gasoline motorcycle sales (5 VAMM members - 2.65 million units).

Besides domestic brands, Vietnamese consumers also have electric motorcycle options from Yadea, Honda, and Yamaha. While the two Japanese companies hold the largest market share in gasoline motorcycles, they lag behind competitors in the number of purely electric products, with each currently offering only one electric motorcycle model.

Pham Trung