VinFast, Vietnamese electric vehicle manufacturer, has announced a significant increase in vehicle deliveries and revenue for the first quarter of the year.
VinFast has reported delivery of nearly 9,700 units (up 444 percent) in the first three months of the year.
Thuy Le, Chairwoman of VinFast, attributed over half of the delivered vehicles to its affiliate Green SM, a taxi operator and leasing provider supported by VinFast’s founder, with an additional 4 percent going to its sibling company, Vinhomes.
Despite the challenging global economic landscape and intense price competition in the automotive industry, VinFast remains steadfast in its commitment to delivering 100,000 electric vehicles in 2024. Thuy emphasized that while economic and geopolitical instability poses short-term challenges, the company is optimistic about its long-term prospects.
VinFast, which was founded in 2017 and shifted its focus entirely to electric vehicles in 2022, has made significant strides in expanding its presence in international markets. The company began selling vehicles in California last year.
VinFast has recently signed distribution agreements with 10 new dealers in the United States, bringing the total number of dealers to 16. Plans are underway to introduce additional models in North America this year, with sales expected to commence in the second quarter.
VinFast reported first-quarter revenue of $302.6 million. The company posted net loss of $618 million in Q1.