Recently, after announcing Q4/2023 financial statements, VinFast Chairman Le Thi Thu Thuy shared her business plan for 2024 on a program in the US. Many experts were surprised when the company set a target of selling 100,000 electric cars this year.
However, Ms. Le Thi Thu Thuy does not consider this an ambitious plan and believes VinFast can achieve it. First, the female entrepreneur said VinFast is the only electric car manufacturer in the world with a complete range of cars from segment A to segment E.
In addition, the company has started supplying cars to left-hand drive markets, such as Indonesia. “Currently, we have a complete range of cars in all segments for all different markets. However, Vietnam market will still be the largest market for us and can contribute half of the company’s sales next year,” Ms. Le Thi Thu Thuy said.
Ms. Thuy also added that VinFast cars have been present in North America, Europe, the Middle East, and Asia and Southeast Asia. Therefore, the Chairman of the company believes that with the current vehicle lineup, VinFast can access different markets and achieve the target of selling 100,000 cars.
Chairman of VinFast also mentioned that the use of electric cars in countries around the world is improving. She cited examples of car sales increasing by 12% and 17% in the US and Europe, respectively, last year. However, sales of electric cars increased even more with a rate of 40% -45%.
Therefore, the demand for electric cars is still increasing worldwide. Together with her team, Ms. Thuy believes that there could be from 2 million to 4 million cars sold in the US next year. VinFast still wants to increase its market share in the US and Europe – the first two foreign markets of the company. However, the female Chairman said that the Asian market will still bring in the largest revenue for the company.
“For example, India with a population of 1.5 billion people, the most populous country in the world with still a low electric car usage rate. Or Indonesia, the third most populous country in the world, a member of ASEAN which we are also a member of, also has a very low electric car usage rate. Therefore, we believe that in the long run, VinFast can also gain a large market share from these two markets,” Ms. Thuy shared.
Sharing more about the Q4/2023 and full-year business results, Ms. Thu Thuy said the company is still operating at a loss but the amount of loss has started to decrease. In addition, she also emphasized that VinFast’s revenue is still steadily increasing. This is evidence that the company is heading in the right direction.
Accumulated in 2023, the Group brought in VND 28.596 trillion in revenue (about USD 1.2 billion), an increase of 91% compared to the previous year. However, this enterprise had a gross loss of over VND 57.175 trillion last year (about USD 2.3 billion). In 2023, VinFast delivered a total of 34,855 electric cars, up 48% compared to the previous year, and sold an additional 72,468 electric motorcycles.
In the fiscal year 2024, in addition to selling 100,000 electric cars, VinFast aims to balance revenue growth and cost optimization, based on the platform of optimizing production and material costs, while strategically investing in potential markets in the region.
