Business
VinFast Delivers Nearly 21,800 Electric Vehicles in First Half of 2024, Up 92% YoY
SINGAPORE, July 12, 2024 /PRNewswire/ -- VinFast Auto Ltd. ("VinFast" or the "Company"), a pure-play electric vehicle ("EV") manufacturer with the mission of
About this update from Vinfast Auto Ltd.
[{"type":"text","content":"SINGAPORE, July 12, 2024 /PRNewswire/ -- VinFast Auto Ltd. (\"VinFast\" or the \"Company\"), a pure-play electric vehicle (\"EV\") manufacturer with the mission of making EVs accessible to everyone, delivered 21,747 electric vehicles in the first half of 2024, a significant 92% increase over the same period in 2023.\n\n \n \n \n \n \n \n\n \nFor the second quarter of 2024, VinFast delivered 12,058 vehicles, representing an increase of 24% quarter-over-quarter and an increase of 26% compared to the same period of last year.\nWhile the second-quarter delivery results were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and global EV landscape necessitate a more prudent outlook for the rest of the year. The Company now anticipates delivering approximately 80,000 electric vehicles in 2024, compared to 34,855 vehicles delivered in 2023, or 2.3x year-over-year growth.\nAs the global macro-economy and EV landscape continue to evolve, VinFast has decided to adopt a prudent and realistically strategized approach. This approach focuses on seizing near-term opportunities in a more selective group of potential markets, allowing for optimal capital and resource management, and minimizing risks more effectively. \nRecognizing the rapid transition from gasoline vehicles to electric vehicles in Vietnam, VinFast will leverage its strong foundation in the domestic market to capitalize on this growth momentum.\nThe Company's 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.\nIn addition, as part of its prudent expansion plan, VinFast has made the strategic decision to adjust the timeline for the launch of its North Carolina manufacturing facility, which is now expected to begin production in 2028.\nThis decision will allow the Company to optimize its capital allocation and manage its short-term spending more effectively, focusing more resources on supporting near-term growth targets and strengthening existing operations.\nMadam Thuy Le, Chairwoman of the Board of Directors, stated, \"We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking into full consideration the rea...