VinFast Auto Electrifies the Market: A Record-Breaking First Half of 2024
VinFast Auto (Nasdaq: VFS) delivered an impressive 21,747 electric vehicles in the first half of 2024, marking a 92% growth compared to the same period in 2023.
In the second quarter of 2024 alone, VinFast delivered 12,058 vehicles, a significant increase of 24% from the previous quarter and 26% from the same period last year.
These results showcase VinFast’s robust growth trajectory. However, given the economic uncertainties and global challenges, a more cautious strategy is warranted for the remaining months of 2024. As a result, the company has adjusted its vehicle delivery target to approximately 80,000 units for the full year, a 2.3-fold increase compared to 2023 (34,855 units).
This target adjustment ensures sustainable growth for VinFast amid economic fluctuations. The company will focus on implementing a more cautious expansion plan to capitalize on opportunities in key high-potential markets, optimize cost and resource management, and enhance operational efficiency.
VinFast recognizes the rapid transition from gasoline to electric vehicles in Vietnam and aims to leverage the domestic market’s growth momentum. The company boasts a strong foundation for growth in Vietnam, including a comprehensive charging network, diverse product portfolio, flexible battery leasing policy, and exceptional after-sales service.
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In line with this cautious expansion strategy, VinFast has decided to adjust the timeline for its North Carolina factory, with production now expected to commence in 2028. This decision will allow the company to optimize capital allocation and manage short-term costs more effectively, enabling VinFast to focus its resources on immediate growth objectives and consolidate existing operations.
Ms. Le Thi Thu Thuy, Chairwoman of VinFast’s Board of Directors, shared, “VinFast has adopted a more cautious approach, carefully adjusted to mitigate short-term risks. This takes into account the actual market fluctuations and potential challenges. With our long-term strategic vision and proven execution capabilities, VinFast is confident in meeting the growing demands of the dynamic global electric vehicle market.”
These adjustments do not alter VinFast’s fundamental growth strategy and operational goals. As planned, VinFast’s sales will be primarily recognized in the second half of the year due to a diverse product range with competitive pricing targeting a broader customer base, a rapidly expanding global distribution network in new markets in Asia, and the transition to an agency model in existing markets.
In the first half of 2024, VinFast officially started taking reservations for its mini-SUV VF 3 and recorded a record number of bookings in the domestic market. The company also inaugurated its dealership and launched the VF e34 and VF 5 models in Indonesia just months after entering the market.
Additionally, VinFast debuted its brand in Thailand and the Philippines, commenced vehicle deliveries in Europe after establishing a comprehensive customer care network, established a presence in the Middle East, broke ground on a factory in India, and expanded its global sales network.
VinFast will announce its financial results for the second quarter of 2024 on August 15, 2024.
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VinFast Vietnam witnessed strong growth despite a subdued market in the second quarter, achieving initial successes in its efforts to accelerate the shift from gasoline to electric vehicles. Contributing to VinFast’s 92% growth compared to the same period in 2023 was the impressive sales performance in the domestic market. Notably, in the second quarter of 2024, while the Vietnamese automobile market experienced a slowdown in overall growth and many internal combustion engine brands faced declining sales, VinFast’s electric vehicle lineup spanning various segments recorded exceptional growth compared to the first quarter of 2024. Notably, the VF 5 led the sales of all vehicle lines and also topped the segment of A-class vehicles in the market. The growing preference among domestic consumers validates the effectiveness of VinFast’s product offerings, unique sales policies, and after-sales services implemented over the past period. It also sets the foundation for VinFast’s expected breakthrough in sales performance in the last six months of the year, especially with the upcoming delivery of the highly anticipated mini-SUV VF 3. |
TH (Tuoitrethudo)
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