VinFast, the electric vehicle manufacturer, has released its first quarter 2024 financial results. The company delivered a total of 9,689 electric cars, marking a 444% increase compared to the same period in 2023. Additionally, it delivered 6,632 electric motorbikes, reflecting a decrease of 73%.
VinFast’s total revenue amounted to VND 7,264 billion in Q1, demonstrating a 269.7% surge compared to Q1 2023. This growth can be attributed to the implementation of new initiatives such as the expansion of its dealership network and the positive reception of its new vehicle models by customers. However, the company reported a gross loss of VND 3,619 billion. After deducting expenses, the company incurred a net loss of VND 14,841 billion in the first quarter.
Le Thi Thu Thuy, Chairwoman of VinFast, stated: “VinFast acknowledges the ongoing global economic and geopolitical uncertainties as near-term headwinds. With a diversified product portfolio and a rapidly growing global sales network, superior after-sales services, and a groundbreaking battery leasing policy, VinFast remains steadfast in its target of delivering 100,000 EVs, and we have a clear roadmap to achieve this by the end of the year.”
During the first quarter, VinFast remained focused on its growth trajectory, launching its brand in Indonesia and Thailand, establishing a presence in the Middle East, initiating construction of its manufacturing facility in India, and expanding its global sales network.
The domestic market continued to be a major contributor to sales in Q1. Simultaneously, VinFast witnessed encouraging growth in the US, with several new dealerships commencing sales.
In Q1, VinFast signed distribution agreements with 10 new dealers, expanding its total dealership partners to 16 across 7 states in the US, including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. These newly signed dealerships will commence operations from Q2 onwards.
Beyond its existing markets, VinFast continued to establish a presence and drive sales in potential regional markets. At the 2024 Bangkok International Motor Show, the Vietnamese EV maker officially launched its brand in Thailand and signed a Memorandum of Understanding with 15 dealers to establish 22 showrooms in Bangkok.
In Indonesia, VinFast recently inaugurated its first dealership store and commenced sales of the VF e34, a C-segment electric SUV, with its unique battery leasing policy, encouraging Indonesian consumers to transition to EVs with lower upfront and running costs.
In March, VinFast also officially delivered the VF 7, a C-segment electric SUV, to customers in Vietnam. The company further expanded its global footprint with distribution agreements in Oman, Ghana, and Micronesia.
