Shareholders questioned Vinasun leaders for spending 650 billion VND to buy 700 hybrid cars to use as taxis

On April 24, Vietnam Sunshine Joint Stock Company (Vinasun – VNS) held the 2024 annual general meeting of shareholders.

Revenue is expected to decrease by 9%

Issues of investing in new cars, competing with rivals Xanh SM, technology cars Be, Grab, Gojek… were asked by shareholders to Vinasun leaders.

Mr. Dang Thanh Duy, general director of Vinasun, predicted that this year’s situation will face many difficulties in the recovery process.

Therefore, Vinasun sets a target of total revenue of more than 1,100 billion VND in 2024, down more than 9% compared to the previous year. Target profit after tax is only nearly 81 billion VND, nearly 47% lower than last year.

Regarding the investment plan, Vinasun plans to invest in 700 hybrid cars (gasoline-electric hybrid cars) from Toyota with an amount of 630 – 650 billion VND.

There are currently two banks, HSBC and Vietcombank, ready to sponsor.

Vinasun has received the investment decision. The car company liquidated 500 old cars or sold them on deferred payment to drivers to do business in the form of a franchise.

Hybrid cars are more efficient than electric cars

Regarding the content of shareholders wondering about the effectiveness of hybrid cars operating as taxis instead of electric cars, Mr. Tran Anh Minh – deputy general director, said that last year at the shareholders’ meeting, the research firm evaluated the investment cautiously. tram.

Up to now, the company has made certain changes.

According to Mr. Minh, electric cars are as widespread as Xanh SM but there is only one source of operation and supply. As for hybrid cars, the company researches and pilots them in accordance with the company’s business model.

Globally, Toytota’s sales of hybrid cars in 2023 will increase by 50% compared to the previous year.

This means hybrid cars are suitable during this period. In fact, the investment in these two car lines is not too different.

“Meanwhile, through calculations, hybrid cars can reduce fuel consumption by up to 50% compared to gasoline cars. Electric cars cost about 800 VND/km, hybrid cars cost about 1,100 – 1,200 VND/km without losing the opportunity cost when charging. When competitor companies waste time waiting for charging, Vinasun drivers can still run 1-2 more trips” – Mr. Minh said.

Not to mention, every day Vinasun needs to gather vehicles for inspection before operating. Currently, there is no charging station that can accommodate 40-50 Vinasun vehicles for inspection before going into business if they are electric vehicles.