Most VinFast car sales this year went to its founder’s taxi firm

VinFast has been making headlines recently for the wild fluctuations in its stock price – not for its car sales.

However, a closer look at the Vietnamese electric vehicle (EV) manufacturer’s sales figures perhaps reveals more about the company than scrutinizing its share price does.

In fact, more than half of the electric cars VinFast has sold this year in Vietnam have been to Green and Smart Mobility (GSM), a taxi firm owned by VinFast’s founder.

The company’s monthly sales reports for the Vietnamese market reveal that in the first half of this year, VinFast sold 11,638 electric cars in the country. It recently announced that it would stop reporting sales in Vietnam monthly in favor of quarterly reporting.

According to a recent US Securities and Exchange Commission filing by the company, it delivered approximately 4,000 of its VF e34 vehicles, 2,800 of the VF 8, and 300 VF 5 cars to GSM in the same period, making for a total of 7,100 units.

This means 61% of the company’s electric car sales in its home market this year have been to GSM. VinFast founder Pham Nhat Vuong owns 95% of GSM and roughly 99% of VinFast shares.

GSM was founded in March of this year and uses VinFast electric cars and scooters for taxi and rental services.

Meanwhile, VinFast has ambitious plans to expand outside its home country, with showrooms in the US, Canada, and Europe. However, the majority of its sales still come from Vietnam.

Data on MarkLines, a platform that provides information on automotive sales in the US, shows that VinFast has sold a total of 1,624 cars in the US as of the end of August. The company entered the market in March.

Credits

Graphic: Peter Cowan

Editing: Jaclyn Tiu