HANOI — Vietnamese electric vehicle (EV) maker VinFast delivered nearly 35,000 cars in 2023, falling short of its target of at least 40,000 units. The company attributed this to slow EV adoption in certain regions, tough competition, and an unpredictable economy. Despite this, VinFast reported a 35% increase in deliveries in the last three months of 2023 compared to the third quarter, reaching 13,513 units.
VinFast’s SUV VF 8 was introduced in California in March, and the company is now looking to establish manufacturing and battery facilities in India. It also plans to expand its presence in the Middle East, Latin America, and Asia, with a focus on markets such as Indonesia.
Tran Mai Hoa, VinFast’s Deputy CEO of sales and marketing, acknowledged challenges in some regions affecting the EV adoption rate, which led to lower-than-expected deliveries. Additionally, the company did not provide a detailed breakdown of sales by market in its recent announcement. However, it was noted that about 60% of deliveries in the second and third quarters went to Green SM (GSM), a Vietnam-based taxi operator and leasing provider primarily owned by VinFast’s CEO, Pham Nhat Vuong.
Despite the delivery shortfall, VinFast is planning to expand sales to GSM in the coming year. The company entered the EV market amidst price pressures, particularly with price cuts from leading firms such as Tesla and Chinese manufacturers like BYD. While VinFast has not yet turned a profit, it remains committed to penetrating new markets and increasing its global footprint.
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