Vietnam’s VinFast Delivers Over 21,000 Electric Vehicles in First Half, Announces Strategic Shift
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| Strong first half for VinFast! Over 21,000 EVs delivered, but company adjusts 2024 target. Learn more about their plans for future growth. |
Hanoi, July 13, 2024:
VinFast, a Vietnamese electric vehicle (EV) manufacturer, has reported strong sales growth in the first half of 2024. The company delivered over 21,700 electric vehicles, a significant 92% increase compared to the same period in 2023.
Despite positive second-quarter results, VinFast cites economic headwinds and a complex global EV landscape as reasons for adjusting its 2024 delivery target. The company now anticipates delivering approximately 80,000 electric vehicles this year, representing a 2.3 times increase over 2023.
To navigate the current economic climate, VinFast is implementing a more prudent approach. This strategy prioritizes near-term opportunities in select markets, optimizes resource allocation, and minimizes risks.
Recognizing the rapid EV adoption in Vietnam, VinFast plans to leverage its strong domestic presence to capitalize on this growth. The company's advantages include a robust charging network, a diverse product portfolio, and exceptional customer service.
As part of its strategic adjustment, VinFast has made the decision to delay the launch of its North Carolina manufacturing facility to 2028. This will allow the company to better manage its capital and focus resources on supporting near-term growth and existing operations.
Despite the adjustments, VinFast remains confident in its long-term growth strategy. The company expects strong sales in the second half of 2024 driven by a competitive product portfolio, expanding global distribution network, and new market entries.
VinFast's strong first half performance included opening pre-orders for the VF 3 model in Vietnam, launching dealerships and vehicle sales in Indonesia, and entering new markets in Thailand, the Philippines, and Europe. The company also established a presence in the Middle East and broke ground on its first manufacturing facility in India.
VinFast will release its second-quarter financial results before the market opens on August 15th, 2024.