Hanoi: Vietnamese electric vehicle maker Vinfast announced on Thursday that it had almost tripled its car deliveries in 2024 compared to the previous year, despite posting a loss exceeding $3 billion for the year. The company is striving to establish itself in the global electric vehicle market alongside industry leaders like Tesla, yet it continues to face challenges in gaining a foothold internationally.
According to Lao News Agency, Vinfast reported that its electric vehicle deliveries for the full year 2024 reached 97,399 units, marking an approximate increase of 192% from 2023. This substantial growth underscores the company’s expanding market presence, although it acknowledged a net loss of $3.179 billion. Vinfast shares have experienced significant volatility since their debut on the Nasdaq in August 2023, initially achieving a market valuation surpassing US automotive giants Ford and General Motors before experiencing a decline.
Vinfast is actively expanding its global footprint, operating over 100 showrooms worldwide, and targeting markets across Asia, the Middle East, Europe, the United States, and Canada. In a recent development, Indonesia announced that the company plans to establish 100,000 electric vehicle charging stations throughout the country. Additionally, Vinfast disclosed that its fourth shipment of nearly 2,500 EVs was dispatched to Indonesia in early March, where it maintains 22 dealerships.
Thuy Le, the chair of Vinfast, noted that the company’s annual results demonstrate its capacity to navigate a dynamic and often challenging market landscape. She emphasized that these outcomes highlight both Vinfast’s ongoing growth and the broader momentum of the transition to electric vehicles.
Vinfast benefits from substantial support from CEO Pham Nhat Vuong, Vietnam’s wealthiest individual, as well as its parent company Vingroup. The company revealed that Vuong has provided over $410 million in non-refundable grants as part of his 2024 commitment to contribute up to $2.1 billion to the firm and its subsidiaries.
In a significant development in March, JTA Investment Qatar, based in Doha, signed a memorandum of understanding to explore a potential $1 billion investment in Vinfast. According to Vingroup, this partnership aims to bolster Vinfast’s global expansion and technological advancement.