VinFast Delivers 9,689 EVs in Q1 2024, Revenue Soars 269.7%
On April 17, 2024, VinFast Auto Ltd., a member of Vingroup, released its unaudited financial report for the first quarter ended March 31, 2024. According to the report, VinFast delivered a total of 9,689 electric vehicles in Q1, a 444% increase compared to the same period in 2023. Total revenue for the same period was VND 7,264 billion, marking a 269.7% increase compared to Q1 2023.
However, the company also recorded a gross loss of VND 3,619 billion in Q1 2024. Its gross profit margin improved from a negative 172.9% in Q1 2023 to a negative 49.8%.
The domestic market continued to contribute a majority of sales in the first three months of 2024. In parallel, VinFast has also started to see encouraging growth in the US market with several new dealerships starting to record sales.
In the first quarter, VinFast signed distribution agreements with 10 new dealerships, bringing the total number of dealership partners to 16 in 7 states across the US, including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. The newly signed dealerships will start selling from Q2 onwards.
In the first quarter of the year, VinFast also stayed on track with its growth roadmap, including debuting its brand in Indonesia and Thailand, establishing a presence in the Middle East, commencing construction of a manufacturing plant in India, and expanding its global sales network.
At the Bangkok International Motor Show 2024, the Vietnamese electric vehicle maker officially introduced its brand to Thailand and signed a Letter of Intent for cooperation with 15 dealers to set up 22 showrooms in Bangkok. In the Indonesian market, VinFast inaugurated its first dealership and officially launched its VF e34 electric SUV.
In March 2024, VinFast also officially delivered its VF 7 electric SUV to customers in Vietnam. Additionally, the company has expanded its global footprint through distribution agreements in Oman, Ghana, and Micronesia.
For 2024, VinFast has set clear plans and aims to deliver 100,000 electric vehicles with sales expected to be recognized mainly in the second half of the year thanks to its rapidly expanding retail network, new models targeting a broader customer base, and penetration into new markets.
VinFast also plans to launch its VF3 compact electric vehicle in Vietnam. Meanwhile, in the US, VinFast will introduce the VF9 and VF7 electric SUV duo.
Regarding charging infrastructure, in March 2024, VinFast’s founder and CEO Pham Nhat Vuong announced the establishment of V-GREEN Global Charging Station Development Company to develop a global charging station network and provide charging services for VinFast vehicles. By reducing its capital expenditure (Capex) for infrastructure, VinFast can focus heavily on driving business growth.
VinFast showcases 4 luxury electric car models at the 2023 Qatar Geneva International Motor Show.
On October 6, 2023, VinFast participated in and introduced 4 electric car models VF 6-9 at the Geneva International Motor Show Qatar 2023, the first time it was held in Doha from October 5 to October 14, 2023.
Subaru Expands Dealer Network in Saigon and Hanoi, Increases Incentives for Car Buyers
Subaru Saigon Agency – Gò Vấp branch has officially moved to a brand new address with completely new and improved facilities, spacious area, and incredible price reductions for all current car models on sale.
Review of Vinfast Klara S 2022: Gentle electric scooter, great value for money, perfect for the fairer sex
The Vinfast Klara S 2022 has been officially launched, retaining the same exterior design as its predecessor. The changes in the Klara S 2022 lie in the new battery pack, larger trunk capacity, and modern charger.
Over 32,000 members celebrate VinFast Global Community’s birthday
The week-long global VinFast Community Birthday Celebration (7-14/10) was a lively series of events that took place from the North to the South, creating unforgettable moments and memories for all participants. It affirmed the position of VinFast as a sophisticated and tightly-knit community of car owners, unrivaled in Vietnam.
VinFast Charging Station Achieves 3.5 km/station Density in 80 Cities Nationwide
VinFast’s charging station network has expanded significantly in major cities and central areas, providing coverage in all 63 provinces and on 106 national highways. With a dense density of charging stations only 3.5 km apart in 80 out of 85 cities nationwide, VinFast is ensuring convenient access to charging for electric vehicle owners.
