VinFast Reports Strong Domestic Sales in 2024
Vietnamese electric vehicle (EV) manufacturer VinFast delivered approximately 97,000 cars in 2024, representing a threefold increase from the previous year. However, the majority of sales were confined to the domestic market.
The company aims to double global sales this year, driven by a surge in deliveries during the final quarter of 2024, where over 53,000 units were sold, accounting for more than half of the annual total. This performance surpassed the revised sales target of 80,000 units and the initial goal of 100,000 units.
"VinFast's results in 2024 exceeded expectations, showcasing our resilience amid market volatility," stated VinFast Chairwoman Thuy Le.
The startup is aggressively expanding within Vietnam, leveraging the growing population of nearly 100 million. Additionally, the introduction of a cost-effective model in the fourth quarter further boosted sales.
However, financial concerns remain as VinFast incurred nearly $2 billion in losses during the first three quarters of 2024, adding to the $2.4 billion deficit posted in 2023. This places pressure on its parent company, Vingroup.
VinFast's international expansion efforts have yet to yield significant results. Barring any future revisions, only an estimated 10,000 units were sold outside Vietnam in 2024, representing approximately 10% of total sales.
In 2023, the company postponed plans for a U.S. factory, signaling a shift toward Asian markets, particularly India and Indonesia, where assembly plants are planned. No official breakdown of sales by market was disclosed.
In Vietnam, a significant portion of sales in 2023 were to companies affiliated with VinFast's owner, Pham Nhat Vuong. This includes electric taxi operator Green SM (GSM), which surpassed Grab as the leading taxi company in Vietnam during the fourth quarter of 2024.
VinFast is expected to release its full-year 2024 financial results on April 24.