Recently, VinFast has announced its business results for the first quarter of 2024 globally. Specifically, the company delivered a total of 9,689 electric cars in Q1/2024, up 444% year-on-year. The company did not disclose specific figures for each market.
However, according to a report by Kelly Blue Book (KBB), a leading US-based automotive valuation and research company, VinFast’s sales in the US in the first quarter were 927 vehicles, ranking 23rd in the overall electric vehicle market in the US, with a market share of about 0.3%.
Besides the US, VinFast currently delivers cars in another market, Canada, while the European markets have not yet had any official information. Sales in Canada are lower than in the US.
Therefore, based on VinFast’s公布的销售数据 and information from the US and Canadian markets, it can be predicted that VinFast’s car sales in Vietnam could reach over 8,000 units . If this figure is accurate, it is enough to help VinFast lead the domestic market in the first quarter of 2024, ahead of Hyundai (7,910 units), Toyota (7,321 units), and Ford (7,012).
Source: VinFast, VAMA, Hyundai TC
VinFast’s sales have seen a positive growth in the first quarter of the year, in the context of the Vietnamese automobile market witnessing a continued sharp decline in sales, with car manufacturers continuously launching promotional programs to stimulate demand.
However, it should also be noted that of the approximately 8,000 electric vehicles delivered by VinFast, a significant number were sold to GSM – VinFast founder Pham Nhat Vuong’s private taxi company.
In the Vietnamese market, VinFast is currently selling the electric SUV models VF 5, VF e34, VF 6, VF 7, VF 8, and VF 9, competing from the A-segment to the D-segment. In addition, the mini electric car VF 3 is also being eagerly awaited by many Vietnamese people due to its affordable price. Currently, all dealers have started accepting deposits for this model.
Recently, the company has also adjusted the selling price for its entire product line with a reduction ranging from 11 to 12 million VND. This could help VinFast’s sales increase in the coming quarter.
Recently, Chinese brands have been continuously planning to enter the Vietnamese market with great ambitions for electric car models. Notably, Geleximco Group and Omoda & Jaecoo Automobile Co., Ltd. have signed a cooperation agreement to build a factory in Vietnam with a capacity of up to 200,000 vehicles/year and a capital of USD 800 million (approximately VND 20,300 billion) to produce vehicles under the Omoda and Jaecoo brands. Meanwhile, Haima’s distributor revealed that it would bring the Haima 8S model to Vietnam in April 2024.
In addition, the brands Haval, Wuling, and Lynk & Co are also preparing to introduce new car models to Vietnamese customers.
In addition, it is also worth mentioning that major automobile brands from Japan, South Korea have also taken certain “initial steps” in selling electric vehicles in Vietnam, starting with hybrid models.
However, VinFast is still considered to have a great advantage in the “home field” thanks to its complete product range, covering many segments for users to choose from, especially the charging station system that is increasingly covering provinces and cities.
