- First quarter revenue rose 269.7% year-over-year (YoY) to $302.6 million.
- Deliveries rose 444% YoY to nearly 9,700 vehicles.
- Launching in new key markets in Southeast Asia, including Indonesia and Thailand, entering the Middle East & Africa, starting construction of a manufacturing facility in India, and growing sales network worldwide.
- Reaffirmation of the 100,000 vehicle deliveries target in 2024.
Madam Thuy Le, Chairwoman of the Board of Directors, said: “While VinFast acknowledges ongoing global economic and geopolitical uncertainties, we view them as temporary hurdles. With our diverse product range, fast-growing global sales network, outstanding after-sales policy, and our groundbreaking battery subscription policy, VinFast has outlined a clear roadmap for the rest of the year and remains committed to our target of delivering 100,000 electric vehicles in 2024.”Ms Anh Nguyen, VinFast Chief Financial Officer, added: “We remain steadfastly committed to driving continuous improvements across our business. Our focus on materials optimization, scale advantages, and disciplined cost management will be key to delivering sustained value for our shareholders.”
Deliveries and Revenues Soar in the First Quarter Compared to the Same Period in 2023
VinFast delivered a total of 9,689 vehicles in the first quarter of 2024, marking an increase of 444% year-over-year (YoY).
Total revenues were US$302.6 million, representing an increase of 269.7% from the first quarter of 2023. This growth was driven by successful new campaigns like the expansion of VinFast’s dealership network and customer interest in new electric car models.
Gross loss in the first quarter of 2024 was US$150.8 million, while gross margin improved from negative (172.9%) in the first quarter of 2023 to negative (49.8%) in the first quarter of 2024.
VinFast is Building Strong Foundations to Support H2 Growth
In the first quarter of 2024, VinFast continued to closely follow its global growth roadmap by launching its brand in Thailand and Indonesia, establishing a presence in the Middle East, beginning construction of its manufacturing facility in India, and ramping up its sales network globally.
While domestic sales still drove most of the revenues this quarter, VinFast recorded encouraging growth in the U.S. market, with several new dealers reporting sales figures.
In the first quarter of 2024, VinFast has also secured partnerships with 10 new dealers, bringing its total U.S. network to 16 dealers across 7 states, including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. These newly signed dealerships will begin operations in the second quarter.
Beyond current markets, VinFast is also ramping up its presence and sales efforts in markets across Southeast Asia. At the 2024 Bangkok International Motor Show, the Company officially launched its brand in Thailand and signed Letters of Intent with 15 dealers, with a target of operating 22 stores in Bangkok.
In Indonesia, VinFast officially opened its first dealer store and started sales of the VF e34, a C-segment electric SUV. Notably, the Company has implemented a unique battery subscription policy within the market, specifically designed to incentivize Indonesian consumers to switch to electric vehicles by offering lower initial and operating costs.
In March, VinFast officially started deliveries of its C-segment electric SUV VF 7 to customers in Vietnam.
The Company also expanded its global footprint with first distribution agreements signed in Oman, Ghana, and Micronesia.
VinFast Remains Committed to the Goal of Delivering 100,000 Vehicles in 2024
Despite marco-economic challenges facing the electric vehicle industry, VinFast has established clear plans and remains committed to the target of delivering 100,000 electric cars in 2024, with the majority of deliveries expected in the second half of the year. This goal will be primarily driven by the Company’s rapidly expanding distribution network, the introduction of new models targeting a broader customer base, and entry into new markets.
Concerning the product lineup, VinFast plans to deliver the much awaited and affordable VF 3 model in Vietnam. The Company will also launch the VF 9 and VF 7 in North America and plans to complete its full electric vehicle lineup for global markets.
Regarding charging infrastructure, Mr. Pham Nhat Vuong, Founder and CEO of VinFast, announced the establishment of V-GREEN in March 2024, to develop a global network of charging stations specifically for VinFast vehicles. By reducing capital expenditures (Capex) on infrastructure, VinFast can maintain its unwavering focus on driving business growth.
Conference Call
The Company’s management will host its first quarter 2024 earnings conference call at 8:00 AM U.S. Eastern Time on April 17, 2024.
Live Webcast: https://edge.media-server.com/mmc/p/jy88a8z3
For additional information, please visit ir.vinfastauto.us.
