Vietnamese electric vehicle (EV) manufacturer VinFast reported a 3.4% increase in net losses for the fourth quarter of 2023 compared to the previous quarter. Despite this, the company is aiming to significantly boost vehicle sales this year, with plans to nearly triple deliveries to 100,000 units, up from 35,000 units in 2023.
VinFast’s chairwoman, Le Thi Thu Thuy, expressed confidence in the company’s expansion into new markets globally, including offering right-hand drive models. This growth strategy is expected to help VinFast achieve its sales targets for the year.
While some automakers have cut back on EV sales targets due to weak demand in key markets, VinFast continues to focus on domestic sales, with the majority of deliveries going to its affiliate Green SM (GSM). However, the company is also making efforts to increase its presence in international markets, such as North America.
In addition to its existing operations, VinFast has ambitious plans for expansion, including the construction of a factory in North Carolina and the establishment of manufacturing facilities in India. The company is eyeing India and Indonesia as key markets for its EVs, with plans to introduce a battery leasing scheme to make EVs more affordable for customers.
VinFast’s market capitalization has fluctuated since its Nasdaq debut, but the company is looking to raise more capital by increasing the number of shares available for public trading. This move is part of VinFast’s long-term strategy to sustain growth and compete in the global EV market.
Despite challenges in the automotive industry, VinFast remains committed to innovation, expansion, and providing eco-friendly transportation solutions to customers worldwide.
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