Ford dealer reports 36-fold profit increase
City Auto Corp, Vietnam’s largest Ford dealer, reported profits of VND51.8 billion (US$2.27 million) last year, a 36-fold rise from 2020.
But it sold only 4,580 vehicles, 29 percent fewer than in 2020, and the increased profitability was due to the average price of each rising by 13 percent to VND915 million.
The company attributed the decline in number of cars sold to last year’s Covid-19 outbreak and social distancing, but said business bounced back in the last quarter of 2021 thanks to post-pandemic economic recovery and the registration fee cut.
It hopes to sell 8,820 units this year and double profits to VND104 billion, its highest ever.
Opening new Ford dealerships and also distributing other car brands are part of its strategies to achieve the goals, it said.
It did not exclude the possibility of acquiring other dealerships and selling electric vehicles.