VinFast Delivers Record Number Of EVs In Q4, But Misses 2023 Target

VinFast announced that its total electric vehicle deliveries during the fourth quarter of 2023 amounted to a new record of 13,513. The previous best quarterly result was set in Q3 (10,027).

This number includes electric cars sold globally and a small, but undisclosed number of electric buses.

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VinFast in the U.S.

In the United States, VinFast first introduced the VF 8 model and currently is preparing to launch the three-seat VF 9 model. A few additional cars are in the pipeline.

However, despite the improving quarterly results, the annual sales are below a target of 40,000.

In 2023, VinFast delivered globally 34,855 electric vehicles (scooters excluded), while its cumulative sales reached 42,291. That leaves 7,436 for the 2021-2022 period.

VinFast explains that the issues are economic headwinds and slow EV adoption rates in certain regions. Ms. Tran Mai Hoa, VinFast’s Deputy CEO of Sales and Marketing said, “Our 4Q23 saw a jump in vehicle deliveries compared to prior quarters. However, amid economic headwinds, slow EV adoption rate in certain regions has adversely affected delivery plans.”

We don’t know the exact sales volume of VinFast EVs in the U.S., but the number of registrations between January and October was just a few hundred units (324 to be precise, according to one of the reports).

According to Reuters, most of the sales are in VinFast’s home market of Vietnam. Reuters stated, “Although VinFast did not give a clear breakdown of sales by markets in Thursday’s announcement, about 60% of the deliveries in the second and third quarter went to its affiliate Green SM (GSM), a Vietnam-based taxi operator and leasing provider mostly owned by VinFast’s CEO, Pham Nhat Vuong.”

VinFast’s lineup consists of several all-electric cars, launched or upcoming (numbers and prices according to the company’s presentation might not be up to date, but it gives us a simple overview):

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