VinFast to sell nearly 97,400 electric vehicles in 2024

The above information was stated by VinFast in the announcement of unaudited financial results for the fourth quarter of 2024 and the whole year of 2024 (fiscal year ending December 31, 2024).

Accordingly, in the fourth quarter of 2024, VinFast delivered 53,139 electric cars, marking a growth of 143% compared to the third quarter of 2024.

Of which, VinFast witnessed strong growth in sales to consumers (B2C), with an increase of 140% compared to the previous quarter and more than 20 times higher than the same period last year.

In 2024, the number of cars delivered reached 97,399, an increase of 192% compared to 2023. Electric motorbike sales also recorded steady growth, with 31,170 vehicles delivered in the fourth quarter of 2024, an increase of 65% compared to the third quarter of 2024. In 2024, VinFast delivered a total of 70,977 electric motorbikes, an increase of 1% compared to 2023.

In the fourth quarter of 2024, VinFast recorded revenue of VND16,496 billion (USD677.9 million), marking a strong growth of 69.8% compared to the same period in 2023 and 33.8% compared to the third quarter of 2024.

For the whole year of 2024, total revenue will reach VND 44,019 billion (equivalent to about USD 1,808 billion), an increase of 57.9% compared to 2023.

In 2024, VinFast will sell more than 97,000 electric vehicles, earning 1.8 billion USD. (Illustration photo: VFS)

Meanwhile, gross loss was VND25,277 billion (equivalent to USD1.038 billion), gross profit margin was negative 57.4%. Net loss was recorded at VND77,354 billion (equivalent to USD3.178 billion).

With a strategic vision and aspiration to create a green future globally, Vingroup and Mr. Pham Nhat Vuong continue to persevere in their mission of making electric vehicles more accessible to everyone, moving towards “zero-emission” mobility.

In 2024, VinFast launched a free charging program for electric car customers to encourage the transition to green transportation. This financial support was arranged from the personal assets of Mr. Pham Nhat Vuong, Chairman of Vingroup, who is also the founder and CEO of VinFast.

As of March 31, Pham Nhat Vuong has disbursed VND10 trillion ($410.9 million) in non-refundable grants to VinFast, part of a commitment announced on November 12, 2024, to provide financial support of up to VND50 trillion ($2.1 billion) to VinFast.

Meanwhile, as of March 31, Vingroup had also disbursed a loan of more than VND27,000 billion to VinFast. Late last year, the group committed to providing VinFast with a new loan of up to VND35,000 billion to support its continued growth.

Ms. Le Thi Thu Thuy, Chairwoman of VinFast, shared: " VinFast has recorded business results in the fourth quarter and the whole year of 2024 beyond expectations, affirming its ability to adapt in a volatile and challenging economic environment."

Ms. Nguyen Thi Lan Anh, Chief Financial Officer of VinFast, added: “ VinFast ended 2024 with solid growth momentum, laying the foundation for stable sales growth in 2025 - an important milestone on our path to profitability.”

Increasing global presence

Over the past year, VinFast continued to expand strongly in potential markets and optimize operations in key markets.

In Indonesia, VinFast has stepped up vehicle deliveries and expanded its dealer network to 22 stores nationwide (as of March 31). In early March, VinFast exported nearly 2,500 vehicles to this country, including four models: VF 3, VF 5, VF e34 and Nerio Green. This is the fourth train and the largest train carrying a number of vehicles to Indonesia just one year after VinFast officially entered the market.

In the Philippines, VinFast officially launched the VF 6 model at the Manila International Auto Show (MIAS) 2025, marking the 5th model in this market after VF 3, VF 5, VF 7 and VF 9.

VinFast is also cooperating with 6 dealer partners to develop new stores across the Philippines, expected to reach more than 60 dealer stores by the end of 2025. As of March 31, VinFast has 6 dealer stores in the Philippines.

VinFast electric cars are delivered to Indonesian customers. (Photo: VFS)

In North America, to optimize operations and expand the distribution network, VinFast has introduced a sales model through dealer channels from the end of 2023, to supplement the current direct-to-consumer (D2C) sales method.

To maximize benefits, VinFast plans to completely switch to a franchise dealership model, starting with the closure of its existing D2C showrooms in California, USA in the coming months.

To date, VinFast has developed a network of 38 dealers operating and preparing to operate in 16 states in the US, including 1 dealer in California.

In Europe, VinFast is also implementing plans to develop a widespread dealer network in major cities, while strengthening cooperation with reputable after-sales partners in the region.

In addition, the company has opened sales and started delivering the VF 6, the second model introduced in Europe after the VF 8.

In the Vietnamese market, VinFast continues to consolidate its leading position in the green transformation trend by introducing a completely new "Green" product line, specifically designed and optimized for transportation services, including four models in four different segments: Minio Green (mini car), Herio Green (A-class SUV), Nerio Green (C-class SUV) and Limo Green (MPV), with starting prices ranging from VND 269 million (about USD 11,100) to VND 749 million (about USD 30,800).

It is expected that the Herio Green and Nerio Green models will begin to be delivered to customers from the second quarter of 2025, followed by Minio Green and Limo Green in August.

With steady growth and solid foundations, VinFast aims to at least double global vehicle deliveries by 2025.

"VinFast will continue to seek opportunities to increase its market recognition. VinFast is also constantly improving its capacity, optimizing operations from production, assembly, to sales and distribution to promptly meet the rapidly increasing demand for green transformation globally," VinFast said.

Thanh Lam

Source: https://vtcnews.vn/vinfast-ban-gan-97-400-xe-dien-nam-2024-ar939692.html