Vietnam’s TMT Motors is preparing to bring its Nano S05 electric microcar to market.

According to a report by Nikkei Asia, the vehicle carries a price tag of VND148m ($5,650), which would make it one of the cheapest EVs sold in the country.

The two-seater is priced in a similar range to high-end motorbikes rather than cars, sitting below Honda’s SH 350i, which retails at VND153m, and above Piaggio’s Vespa Sprint 80th 180, priced at roughly VND121m.

Against rival EVs, the Nano S05 comes in cheaper than VinFast’s VF 2, which at VND188m is currently the lowest-priced passenger EV in VinFast’s own line-up.

At 2.28m in length and 1.29m in width, the Nano S05 is markedly more compact than the four-seat VF 2.

The report states that the car is assembled locally in Vietnam and draws on the engineering of the Silence S04, an electric microcar made by Silence, the EV marque owned by Spanish company Acciona.

TMT has not stated how much of the vehicle’s componentry is sourced domestically, the report added.

Buyers will have a choice between two versions. One uses a fixed battery pack delivering 120km of range.

The other is fitted with a pair of removable batteries, pushing range up to 150km and allowing the batteries to be charged via a standard household power supply, removing the need for dedicated EV charging points.

No launch date for the Nano S05 has yet been confirmed by TMT.

TMT, established in 1976, built its business around trucks and commercial vehicles before entering the EV segment in 2023 through a tie-up with SAIC-GM-Wuling.

That arrangement gave TMT exclusive manufacturing, assembly and distribution rights for Wuling’s EVs in Vietnam, among them the Hongguang Mini EV.

Separately, TMT is building out an EV charging network under its Egreen brand, targeting 2,100 charging posts across the country this year, rising to 30,000 by 2030.

“TMT Motors readies Nano S05 as cheapest EV in Vietnam – report” was originally created and published by Just Auto, a GlobalData owned brand.