Vietnamese EV maker VinFast doubles H1 delivery to 21,747 units

VinFast, under Vietnam’s largest private conglomerate Vingroup, delivered 21,747 electric vehicles in the first half of 2024, up 92% year-on-year.

In a Friday statement, VinFast said the figure included 12,058 units in the second quarter, up 26% year-on-year and 24% over Q1/2024.

While the Q2 delivery results were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and the global EV landscape necessitate a more prudent outlook for the rest of the year, the company said.

However, it has set a high target of delivering 80,000 EVs this year, compared to just 34,855 units delivered in 2023, for a 2.3-fold year-on-year growth.

The “prudent and realistically strategized” approach would focus on near-term opportunities in a more selective group of potential markets. This would facilitate optimal capital and resource management and minimize risks more effectively, VinFast said.

Recognizing the rapid transition from gasoline to electric vehicles in Vietnam, VinFast said it will leverage its strong foundation in the domestic market to capitalize on this growth momentum.

Its advantages in Vietnam include a comprehensive charging station system, a diverse product portfolio catering to different customer needs, a flexible battery subscription policy and “excellent after-sales service that builds trust and customer loyalty,” the firm added.

The company has also made a strategic decision to adjust the timeline for the launch of its manufacturing facility in North Carolina, the United States. The project is now expected to begin production in 2028.

The change will allow it to optimize capital allocation and manage its short-term spending more effectively, focusing more resources on supporting near-term growth targets and strengthening existing operations, the EV maker said.

VinFast clarified that the adjustment would not change its fundamental growth strategy and key operating targets. The company anticipated strong sales growth in the second half of this year, driven by a diverse product range with competitive pricing that targets a larger customer base and a rapidly expanding global distribution network in key regions, including new markets in Asia and existing markets, adopting a dealership model.

VinFast said its strong first half performance has set the stage for the expected growth surge. Pre-orders for the mini-SUV VF 3 model has achieved record deposit numbers in the domestic market. In Indonesia, the company opened dealer stores and began selling the VF e34 and VF 5 models within a few months.

It has expanded its global footprint by entering Thailand and the Philippines; and officially begun deliveries in Europe, backed by a well-developed customer care network.

Furthermore, VinFast has established a presence in the Middle East, broken ground on its first manufacturing facility in India and expanded its global sales network.