A VinFast store in Santa Monica, California / Photo credit: VinFast
VinFast, a subsidiary of Vingroup and an electric vehicle manufacturer from Vietnam, said it delivered 10,027 units in the third quarter of 2023, according to unaudited financial results.
This means that VinFast sold nearly as many EVs in the third quarter as in H1 2023, when most of these units went to Green and Smart Mobility, Vingroup’s taxi business.
Higher sales pushed VinFast’s revenue in the quarter to US$342.7 million, a 159.3% surge from the same quarter in 2022. About US$319.5 million of that total came from vehicle sales alone.
However, its revenue for Q3 marks just a 3.8% quarter-over-quarter increase.
VinFast said it saw EV purchases go up in September in North America, specifically in Canada. The company said it is working with local networks and third-party dealerships to widen its global reach.
VinFast plans to expand to 50 global markets and countries by the end of 2024. Besides Vietnam, VinFast currently operates in the US, Canada, Germany, France, and the Netherlands.
Meanwhile, the company reduced its gross loss and loss from operations by 28.4% and 9.2% respectively, compared to Q3 last year. VinFast said it is expected to save about US$400 million after revising its capital expenditure plan for global manufacturing in 2024 and 2025.
These savings will be used towards building factories in Indonesia and India, according to the company.
See also: Vingroup founder’s EV play revs up Vietnam’s ride-hailing race
Editing by Thu Huong Le and Eileen C. Ang
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