Vietnamese electric vehicle manufacturer VinFast has seen a remarkable 92% year-over-year growth, delivering nearly 21,800 electric vehicles in the first half of 2024. This is a significant increase from the same period in 2023. In the second quarter of 2024 alone, VinFast delivered 12,058 vehicles, a 24% increase quarter-over-quarter and a 26% increase compared to the same period last year.
While these delivery results are promising, VinFast is mindful of the economic challenges and uncertainties in various global markets and the EV industry. As a result, the company is adopting a cautious approach for the rest of the year, aiming to deliver around 80,000 electric vehicles in 2024, a substantial increase from the 34,855 vehicles delivered in 2023.
VinFast is strategically focusing on seizing opportunities in select markets to manage resources effectively and minimize risks. With a strong foundation in Vietnam, the company is well-positioned to capitalize on the growing shift from gasoline vehicles to electric vehicles in the country. VinFast’s advantages include a robust charging station network, a diverse product lineup tailored to different customer needs, a flexible battery subscription policy, and excellent after-sales service.
In line with its prudent expansion strategy, VinFast has adjusted the timeline for the launch of its manufacturing facility in North Carolina to 2028. This decision allows the company to optimize capital allocation, concentrate on supporting short-term growth targets, and strengthen existing operations.
Despite the adjustment, VinFast remains committed to its growth strategy and key operating objectives. The company expects strong sales growth in the second half of the year, driven by competitive pricing, a diverse product range targeting a wider customer base, and an expanding global distribution network in key regions.
The company’s strong performance in the first half of 2024 has laid a solid foundation for this anticipated growth. VinFast has received record pre-orders for its mini-SUV VF 3 model in Vietnam and has successfully launched dealer stores in Indonesia, selling the VF e34 and VF 5 models. Additionally, VinFast has expanded its presence globally, entering markets in Thailand, the Philippines, Europe, the Middle East, and India.
Overall, VinFast’s strategic approach, strong performance, and expansion into new markets indicate a promising outlook for the company’s future growth and success in the electric vehicle industry.