VinFast Delivered Almost 10,000 EVs Globally In Q1 2024
VinFast Auto achieved global electric vehicle deliveries of 9,689 in the first quarter of 2024, marking a 444% increase year-over-year from a base of 1,780. The volume remains relatively stable compared to previous periods, with Q4 2023 being the standout at 13,513 EV deliveries. However, it’s worth noting that a majority of VinFast Electric cars were delivered to related parties of the company, accounting for 56% according to the Q1 financial report.
In 2023, VinFast delivered a total of 34,855 Electric vehicles globally, excluding scooters, with cumulative sales surpassing 50,000. The lineup includes various car models such as the VF e34, VF 5, VF 6, VF 7, VF 8, VF 9, and electric buses.
According to the Q1 financial report, VinFast Auto had a total of 119 EV showrooms globally as of March 31, 2024. The company is expanding its sales network in the U.S. by signing agreements with 10 additional dealers, bringing the total to 16 across seven states, with sales operations expected to begin in Q2 2024.
The first batch of VinFast VF 9 models is set to arrive in the U.S. in April and will be available for deliveries between late quarter two and early quarter three of 2024. The company is also closely monitoring the sales results of the VF 8 model in the U.S.
Financially, VinFast Auto recorded revenues of about $302.6 million in Q1 2024, with $270.5 million coming from vehicle sales. However, the company reported net losses of $618.3 million, including $419.3 million in the “Cost of vehicles sold” category, indicating the need for further work to establish a successful EV business.