The company that is about to sell electric cars under 150 million VND has to continuously explain the stock issue.

Last weekend, the Ho Chi Minh City Stock Exchange (HoSE) continued to request TMT Automobile Joint Stock Company to explain when its stock continued to hit the ceiling for 5 consecutive sessions.

TMT shares hit ceiling after news that the company sells electric cars for under 150 million VND - Photo: TMT

Specifically, in a document recently sent to TMT Automobile Joint Stock Company, HoSE said it had noticed that TMT stock price had increased to the ceiling for 5 consecutive sessions from January 2, 2025 to January 8, 2025.

According to current regulations, public companies must disclose information within 24 hours from the occurrence of one of the following events: In case the company becomes aware of an event or information that affects the price of its own securities, the company must confirm or correct that event or information.

Therefore, HoSE has requested TMT to publish information to clarify the recent stock price phenomenon.

Notably, this is the second consecutive time in nearly 10 days that HoSE has had to ask TMT to explain the issue of stock price increases.

Previously, on the last day of 2024, HoSE sent a document to TMT when the stock price increased to the ceiling for 5 consecutive sessions from December 25 to 31, 2024.

In the first explanation, Mr. Bui Van Huu - Chairman of TMT Board of Directors, said that the increase in stock price was due to market demand and was beyond the control of the enterprise.

"The company's business activities are still on schedule and are running normally," Mr. Huu affirmed.

Sharing more details about the business situation, TMT leaders said that since the beginning of 2024, they have implemented the policy of clearing inventory, restructuring all products from production to consumption. At the same time, they have cut redundant personnel, restructured loans, chosen banks with low interest rates, reduced costs...

"The company has been focusing all its resources on reducing prices, cutting losses, and clearing inventory for many years now, which will result in the company's 2024 production and business results suffering unprecedented losses," the TMT chairman revealed.

Previously, in the semi-annual audit report, the auditing unit said that TMT's short-term debt exceeded short-term assets by more than VND120 billion.

Therefore, the auditor found that "the existence of a material uncertainty may cast doubt on TMT Motors' ability to continue as a going concern".

According to observations, TMT shares have increased since December 25, 2024 when TMT Motors announced that it was negotiating with partner General Motors - SAIC - Wuling (SGMW) to launch a commercial product version capable of replacing 2-wheeled motorbikes with an expected price including battery under 150 million VND.

According to information from TMT, this car has an overall length of 2,488 mm, width of 1,506 mm and height of 1,670 mm.

This model was launched in China in July 2017 in Liuzhou city, Guangxi province, China with the mission of gradually replacing motorbikes and improving the environment, reducing emissions caused by vehicles.

Currently, TMT Motor is a partner of the General Motors - SAIC - Wuling (China) joint venture to manufacture, assemble and distribute Wuling Mini EV electric cars in Vietnam.

Source: https://tuoitre.vn/cong-ty-sap-ban-xe-dien-duoi-150-trieu-dong-lien-tuc-phai-giai-trinh-vu-co-phieu-20250112223214891.htm