Earnings Report /
Vietnam

Haxaco: Massive rollout of new Mercedes models boosts 2022 sales growth

  • Sales value of Mercedes-Benz Vietnam is expected to continue rising in H2 22 thanks to massive expensive car lines

  • In Vietnam, Hang Xanh Motors (or Haxaco), is the largest Mercedes-Benz distributor with a 2022 market share of ~40%

  • Hang Xanh Motors will benefit the most from the upward trend of Mercedes sales

Rong Viet
8 August 2022
Published byRong Viet

According to Mercedes-Benz, 2022 is the year marking the start of their new generation cars. We believe that Mercedes customers will be less affected by inflation, and that they will be able to buy new cars even at a high price. Therefore, Mercedes car sales are expected to show an upward trend.

H2 22 ASP of Mercedes cars in Vietnam will be higher than H1 22 thanks to the contribution of high-priced products. Although there is a risk that H2 22 sales volume will be lower than that of H1 22 because the 50% reduction in registration fees policy has expired, we expect higher ASP will totally compensate the expected lower sale volume.

In Vietnam, Hang Xanh Motors (Haxaco, HSX: HAX), is the largest Mercedes-Benz distributor with a market share of ~40%. As a result, we believe that HAX will capture the growing Mercedes ‘sales value.