Vinasun wants to replace its fleet of gasoline vehicles

Investing in new gasoline-electric hybrid vehicles is one of the key tasks of Vinasun taxi company to develop business activities this year.

The above content is mentioned in the annual meeting documents of Vietnam Sun Joint Stock Company (Vinasun - VNS), scheduled to take place at the end of April. The Board of Directors determined that this year is still a period when the company is facing many difficulties in the process of recovery and development. Therefore, one of the key tasks is to focus on investing in new hybrid vehicles (using hybrid gasoline and electric engines) to replace gasoline vehicles to meet social needs.

This year, Vinasun plans to buy about 700 new cars, mainly focusing on Toyota's high-end hybrid models. The new taxi models will be operated by self-investment or lease. In addition, the company also wants to study a project to apply for a pilot deployment of three-wheeled electric vehicles. The management board said this model will suit market demand because it reduces traffic congestion, traffic accidents and makes the environment greener and cleaner.

Drivers are experiencing the hybrid car line that will be replaced in the near future. Photo: VNS — Drivers are experiencing the hybrid car line that will be replaced in the near future. Photo: *VNS*

Replacing the fleet of vehicles that Vinasun had previously thought of, their initial choice was electric vehicles, instead of hybrid vehicles as currently planned. At the 2023 annual meeting, the board of directors said they were studying the approach and expected to put electric vehicles into the taxi business in the previous year. According to Vinasun, electric taxis are just a means of transport, not a new business model. The company needs to calculate battery costs, charging time, and opportunity costs for operating electric vehicles.

By the end of March, Vinasun announced a plan to invest in 550 new hybrid vehicles, expected to be put into operation in the second and third quarters of this year. This will be the company's long-term strategy as hybrid electric and gasoline engines help save 1.5-2 times more fuel. Regarding the reason for refusing electric vehicles, the company's leadership said that the current infrastructure and charging station system are not complete. Therefore, hybrid is the right choice.

With old cars, Vinasun will liquidate and sell about 500 cars to drivers on credit. They will be allowed to operate franchises by the company. If successful, the total number of taxis by the end of this year will be 2,790, an increase of 200 cars compared to the same period in 2023.

This year, the taxi company has identified Ho Chi Minh City, Binh Duong, Dong Nai and Da Nang as key markets. After a period of cutting drivers, the company is also focusing on attracting workers, especially skilled ones, through a better income distribution policy. Through this, Vinasun can improve the quality of customer service.

Despite many innovative plans, this taxi company has set a business plan to go backwards this year. This year's revenue target is over VND1,100 billion, down more than 9%. Expected after-tax profit is over VND80.5 billion, only half of last year's. According to the management board, this year's business activities will be affected by the recovery of the tourism - passenger transport industry, driver support policies and new revenue sharing ratios, competition in the industry, inflation and customer purchasing power.

Siddhartha

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