VinFast Auto Ltd. is a dedicated electric vehicle manufacturer. In the first half of 2024, the company delivered 21,747 electric vehicles, marking a substantial 92% increase from the same period in 2023.
For the second quarter of 2024, VinFast delivered 12,058 vehicles, representing a 24% increase from the previous quarter and a 26% increase compared to the same period last year.
Despite the positive second-quarter delivery results, VinFast is acknowledging the prevailing economic challenges and uncertainties in various global economies and the EV landscape. Therefore, they are adjusting their outlook for the year and now anticipate delivering approximately 80,000 electric vehicles in 2024, compared to 34,855 vehicles delivered in 2023, representing a 2.3x year-over-year growth.
Recognizing the rapid transition to electric vehicles in Vietnam, VinFast is leveraging its strong position in the domestic market. This includes having a comprehensive charging station system, a diverse product portfolio, flexible battery subscription policy, and excellent after-sales service to build trust and customer loyalty.
Furthermore, VinFast has decided to revise the timeline for the launch of its North Carolina manufacturing facility. Production at the facility is now expected to begin in 2028. This strategic decision aims to optimize capital allocation, manage short-term spending effectively, and focus resources on supporting near-term growth targets and strengthening existing operations.
Madam Thuy Le, Chairwoman of the Board of Directors, stated, “We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking into full consideration the realities of market volatility and potential challenges. Our robust long-term strategy and proven execution capabilities position us well to meet the evolving needs of the dynamic global EV market.”
The adjustment will not alter VinFast’s fundamental growth strategy and key operating targets. The company is expecting robust sales growth in the second half of this year. This growth will be driven by a variety of competitively priced products aimed at a larger customer base, as well as the rapid expansion of its global distribution network in key regions. This expansion includes entering new markets in Asia and adopting a dealership model in existing markets.
VinFast’s strong performance in the first half of the year has laid the foundation for this anticipated growth. The company opened pre-orders for the mini-SUV VF 3 model in the domestic market, achieving record deposit numbers. In Indonesia, VinFast established dealer stores and began selling the VF e34 and VF 5 models within a few months.
Furthermore, VinFast expanded its global presence by entering Thailand and the Philippines, commencing deliveries in Europe with the support of a well-established customer care network. The company has also made inroads in the Middle East, initiated construction on its first manufacturing facility in India, and expanded its global sales network.
The company has also announced that it will release its financial results for 2Q24 before the market opens on August 15th, 2024.