VinFast, a leading Vietnamese electric vehicle (EV) manufacturer, announced significant growth in EV deliveries and revenues for the third quarter of 2024, reflecting its strengthened market presence and growing global demand for sustainable mobility solutions.
VinFast says EV deliveries have reached 21,912 units, marking a 66 percent increase from Q2 2024 and a 115 percent rise compared to Q3 2023. VinFast says 22 percent of the electric car orders were from its own parties.
VinFast had delivered 13,172 EVs in Q2 2024 and 10,179 EVs in Q3 2023.
VinFast’s E-Scooter deliveries totaled 18,894 units, up by 44 percent from Q2 2024 but down 33 percent from Q3 2023. VinFast says 5 percent of the orders for electric scooter was from its own parties.
VinFast has operated 173 EV showrooms and 160 e-scooter showrooms and service workshops globally, including partnerships with dealers, as of October 31, 2024.
VinFast says vehicle sales have generated VND11,251,190 million (US$467.0 million) in Q3 2024, a 46.1 percent increase from Q3 2023 and Q2 2024.
VinFast’s total revenues have reached VND12,326,537 million (US$511.6 million), reflecting a 49.3 percent year-on-year increase and a 42.2 percent rise compared to Q2 2024. The majority of revenue was derived from EV sales.
To meet the rising demand for affordable EVs and enhance production efficiency, VinFast announced plans to establish a new completely knocked down (CKD) factory in Ha Tinh, Vietnam. The facility will focus on producing the VF 3 and VF 5 models under a cost-efficient long-term lease structure. Target capacity will be up to 300,000 EVs annually, subject to market demand and conditions. Construction begins in December 2024, with operations slated to start in 2025.
VinFast has already made significant strides in its global expansion strategy, entering new markets and strengthening its presence in key regions. The company is actively establishing a robust international footprint while addressing growing global demand for EVs.
In November, VinFast began delivering its VF 9 SUVs to customers in the U.S. and Canada.
In Indonesia, VinFast delivered its first VF e34s in a right-hand drive configuration, specifically tailored for the local market. The company launched its VF 5 EVs in Q4 2024 and established 17 dealer stores across 15 cities as of October 31, 2024. An assembly plant is under development, with operations set to begin in 2025 and an initial capacity of 50,000 EVs annually.
VinFast entered the Philippines market with the VF 3 and VF 7, showcasing the models at the 12th Philippines Electric Vehicle Summit in October 2024. The company also delivered its first VF 5 units in Q3 and is accepting reservations for all three models. VinFast operated eight dealer stores in six cities in the Philippines.
In India, preparations are underway for the launch of an assembly plant in 2025, with an initial production capacity of 50,000 EVs per year. The facility’s machinery and equipment installation is progressing on schedule.
In October, VinFast launched its brand in the Middle East, opening its second dealer store in downtown Dubai, United Arab Emirates, signaling its entry into this fast-growing market.
VinFast’s global expansion strategy, underpinned by investments in localized production facilities and dealer networks, aims to position the company as a leader in the global EV landscape. By tailoring its offerings to regional markets and focusing on affordability and accessibility, VinFast is poised to capture significant market share across continents.
Baburajan Kizhakedath