VinFast, a Vietnamese electric vehicle (EV) company, is delivering a bunch of cars! Almost 10,000 EVs found new homes in the first three months of 2024 – that’s a whopping 444% increase compared to the same time last year. This is a pretty steady number for VinFast, although they did deliver a record number of cars in the last quarter of 2023 (over 13,500).
There’s one thing to keep in mind though: more than half of these cars (according to their financial report) went to companies connected to VinFast itself. In the business world, this can sometimes be a sign that things aren’t quite what they seem.
VinFast has delivered over 50,000 electric vehicles worldwide (including scooters) since they started selling them. Their car lineup includes several models (VF e34, VF 5, VF 6, VF 7, VF 8, and VF 9) along with electric buses. The good news is that the first batch of their VF 9 model is supposed to arrive in the US this very month!
VinFast is expanding its electric vehicle (EV) showroom footprint globally. As of March 2024, they have 119 showrooms worldwide.
In the US specifically, things are picking up. VinFast just signed deals with 10 new dealers, bringing their total to 16 dealerships across 7 states. These new dealerships will be up and running sometime in the second quarter of 2024 (April-June).
Here’s some exciting news for US drivers: The VinFast VF 9 model is coming soon, and the first batch will arrive in April. Delivery is expected to start by late summer/early fall of 2024. They’re hoping to see a big jump in sales compared to the VF 8 model, which only had a few hundred registrations in January.
Financially, things are still a work in progress for VinFast. Their total revenue in Q1 2024 was around $302 million, with most of that coming from vehicle sales. However, their costs are still high, and they ended up with a net loss of $618 million. VinFast has some work to do to become a profitable EV company, but they’re definitely growing!
