Vietnamese electric vehicle maker VinFast delivered 21,747 electric vehicles in the first half of 2024, a significant 92% increase over the same period in 2023.
For the second quarter of 2024, VinFast delivered 12,058 vehicles, representing an increase of 24% quarter-over-quarter and an increase of 26% compared to the same period of last year.
While the second-quarter delivery results were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and global EV landscape necessitate a more prudent outlook for the rest of the year. The company now anticipates delivering approximately 80,000 electric vehicles in 2024, compared to 34,855 vehicles delivered in 2023, or 2.3x year-over-year growth.
As the global macro-economy and EV landscape continue to evolve, VinFast has decided to adopt a prudent and realistically strategized approach. This approach focuses on seizing near-term opportunities in a more selective group of potential markets, allowing for optimal capital and resource management, and minimizing risks more effectively.
Recognizing the rapid transition from gasoline vehicles to electric vehicles in Vietnam, VinFast will leverage its strong foundation in the domestic market to capitalize on this growth momentum.
The company’s advantages in Vietnam include a comprehensive charging station system, a diverse product portfolio catering to different customer needs, a flexible battery subscription policy, and excellent after-sales service that builds trust and customer loyalty.
In addition, as part of its prudent expansion plan, VinFast has made the strategic decision to adjust the timeline for the launch of its North Carolina manufacturing facility, which is now expected to begin production in 2028.
This decision will allow the company to optimize its capital allocation and manage its short-term spending more effectively, focusing more resources on supporting near-term growth targets and strengthening existing operations.
The adjustment doesn’t change VinFast’s fundamental growth strategy and key operating targets. The company anticipates strong sales growth in the second half of this year, driven by a diverse product range with competitive pricing targeting a larger customer base and a rapidly expanding global distribution network in key regions, including new markets in Asia and existing markets adopting a dealership model.
The company’s strong first half performance set the stage for this growth. VinFast opened pre-orders for the mini-SUV VF 3 model domestically, achieving record deposit numbers. In Indonesia, VinFast opened dealer stores and began selling the VF e34 and VF 5 models within a few months.
VinFast also expanded its global footprint by entering Thailand and the Philippines, officially began deliveries in Europe backed by a well-developed customer care network, established a presence in the Middle East, broke ground on its first manufacturing facility in India, and expanded its global sales network.
