VinFast Makes a Splash at a Car Exhibition in Thailand.
According to a report by Bangkok Post, VinFast is delaying the expansion of its dealer network in Thailand as vehicle sales slow down in the second-largest economy in Southeast Asia. In a statement, the company said it would carefully assess the timing of electric vehicle sales in the country.
The delay comes as the global electric vehicle market outlook has been somewhat subdued over the past year. Some of the world’s largest manufacturers, including Ford Motor Co, General Motors Co, Volkswagen AG, and Tesla, have scaled back their ambitions in recent months.
“We have postponed the launch of our dealers in Thailand to ensure that our infrastructure and operations meet VinFast’s global standards”, said a VinFast representative.
Last month, VinFast announced it would delay the opening of a North Carolina factory by another three years until 2028 to manage short-term spending more “efficiently” and focus resources on near-term growth targets. The company also lowered its full-year sales target to 80,000 vehicles from the previous 100,000.
In March, VinFast signed an MOU with 15 initial dealers in Thailand, aiming to open 22 showrooms in the Bangkok area and vicinity. No timeframe was given. According to the statement, the electric vehicle manufacturer has signed formal agreements with some dealers.
In March 2024, VinFast also declared that Thailand remains one of its key markets, and the company has no changes to its business plans in other markets.
Billionaire founder and CEO of VinFast, Pham Nhat Vuong, stated in a June interview that he is willing to bet all his money on the company’s growth.
VinFast aims to expand into at least 50 countries by 2024. The electric vehicle manufacturer is expected to open a factory in India in the first half of next year and has started construction on a new assembly plant in Indonesia last month.
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