VinFast's 2023 vehicle sales up 111% to $1.1 bln

VinFast Auto, the electric vehicle (EV) arm of Vietnamese conglomerate Vingroup, earned $1,096.9 million from vehicle sales in 2023, up 111.3% year-on-year.

The firm reported Thursday that it delivered 34,855 EVs and 72,468 e-scooters last year, including 13,513 EVs and 24,309 e-scooters in Q4/2023.

VinFast recorded total revenues of $1,198.2 million in 2023, up 91.1% year-on-year. The figure was primarily comprised of revenue from EV sales, it highlighted.

Seventy-two percent of the EVs delivered were to related parties, mainly to GSM JSC, a taxi operator in Vietnam. Similarly, 46% of the e-scooter sales were to related parties, mostly GSM JSC.

In 2023, VinFast spent $609 million on research & development (R&D), down 27.1% year-on-year. The reduction was in line with four EV models - VF 8, VF 9, VF 5 and VF 6 - progressing from development stage to commercial production.

It recorded a gross loss of $551.6 million, up 7.3% year-on-year.

VinFast has seen “positive signs in key markets like the U.S. and Indonesia,” said chairwoman Le Thu Thuy. “Fueled by this momentum and a recovering consumer sentiment, we’re setting an ambitious target of delivering 100,000 vehicles in 2024.”

Reviewing recent achievements, VinFast said it had signed a memorandum of understanding with India's Tamilnadu state to establish an integrated EV manufacturing facility with an intended commitment of up to $500 million for the project's first phase. The groundbreaking ceremony for the project is scheduled to take place on February 25.

At the Indonesia International Motor Show 2024 (“IIMS”), VinFast debuted right-hand drive versions of the VF 5, VF e34, VF 6, and VF 7 models and signed letters of intent with five dealers.