VinFast reports major production increase in Q1 of 2024

The Vietnamese EV startup VinFast managed to deliver a total of 9,689 vehicles in the first quarter of 2024, marking an increase of 444% year-over-year. Next, the company plans to expand internationally.

Image: VinFast

Total revenues were US$302.6 million, representing an increase of 269.7% from the first quarter of 2023. The gross loss in the first quarter of 2024 was US$150.8 million, while the gross margin improved from -172% to -49% YoY.

Chairwoman of the Board of Directors, Madam Thuy Le, showed confidence in the presentation: “While VinFast acknowledges ongoing global economic and geopolitical uncertainties, we view them as temporary hurdles. With our diverse product range, fast-growing global sales network, outstanding after-sales policy, and our groundbreaking battery subscription policy, VinFast has outlined a clear roadmap for the rest of the year and remains committed to our target of delivering 100,000 electric vehicles in 2024.”

The next plans by the company are to deliver 100,000 electric vehicles in 2024, a target which had previously been made, as well as launching in new key markets in Southeast Asia, such as Indonesia and Thailand, as well as further abroad in the Middle East and Africa. A production facility is to be constructed in India as well.

According to VinFast, it made most of its sales at home, “While domestic sales still drove most of the revenues this quarter, “VinFast recorded encouraging growth in the U.S. market, with several new dealers reporting sales figures.” This has brought VinFast’s US dealer network to a total of 16 dealers across 7 states, including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. The company’s presence in Thailand is also being ramped up, with the target of operating 22 stores in Bangkok. First distribution agreements were also signed in Oman, Ghana, and Micronesia.


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