VinFast Auto Reports Stellar Growth and Unveils Future Expansion Plans

VinFast Electric Vehicle business

VinFast Auto, a prominent electric automotive manufacturer and a subsidiary of Vingroup, has released its remarkable financial results for the second quarter ending on June 30, 2023, showcasing exponential growth and a strategic vision for the future.

Extraordinary Growth in Deliveries and Sales:

In the second quarter of 2023, VinFast reported an exceptional increase in electric vehicle (EV) deliveries, totaling an impressive 9,535 units, marking a substantial rise of approximately 436 percent from the first quarter of the same year. Concurrently, e-scooter deliveries reached 10,182 units, showing a 4 percent increase from the preceding quarter. The company’s global presence was fortified with 122 showrooms for EVs and 245 showrooms and service workshops dedicated to e-scooters, as of June 30, 2023.

Vehicle sales soared to $314.6 million), reflecting an astounding increase of 147.0 percent compared to the second quarter of 2022 and an impressive 387.3 percent increase from the first quarter of 2023. Furthermore, total revenues amounted to $334.1 million, showcasing a significant surge of 131.2 percent from the second quarter of 2022 and an extraordinary 303.3 percent increase from the first quarter of 2023. These revenues predominantly stemmed from the sale of EVs.

Strategic Market Expansion Plans:

Looking ahead to the next phase of development, labeled as “Phase II” commencing in 2024, VinFast has devised a multi-channel distribution strategy and differentiated models for various market categories. Under “Model 1 – VinFast Directed Distribution,” the company plans to act as its own distributor, initially introducing the VinFast brand through its showrooms and subsequently establishing dealership networks in key market clusters such as Vietnam, North America, Europe, and other emerging markets.

Moreover, VinFast has identified Indonesia as a potential market for manufacturing facilities due to cost-effectiveness and the availability of domestic raw materials. The company envisions an investment target of up to approximately $1.2 billion for Indonesia, including a CKD factory with a target production start date no later than 2026.

Milestone Achievements:

VinFast’s VF 9 model achieved significant milestones with an EPA-rated range of 330 miles for the Eco trim and 291 miles for the Plus trim, solidifying its position as a full-size, seven-passenger, all-electric SUV. With an MSRP of $83,000 and $91,000 for the Eco and Plus trims respectively, VF 9 deliveries have commenced in Vietnam and are available for global reservations.

Moreover, VinFast celebrated the groundbreaking ceremony on July 28, 2023, for its electric vehicle manufacturing facility in Chatham County, North Carolina, with a planned annual production capacity of 150,000 vehicles in Phase I.

VinFast Auto’s Q2 2023 financial results and strategic announcements underscore its rapid growth and ambitious plans to drive the future of sustainable automotive solutions globally.