VinFast Triples EV Sales in 2024 but Faces Challenges Outside Vietnam

The Vietnamese automaker sold nearly 97,400 electric vehicles last year, though 90% of sales were in its home market, as it struggles to gain traction abroad.

• VinFast delivered 97,399 electric vehicles in 2024, a 192% increase from 2023, exceeding its revised target of 80,000 units but falling short of its initial 100,000-unit goal.
• Approximately 87,000 of VinFast's sales were in Vietnam, accounting for 90% of total deliveries, with limited success in international markets such as the U.S.
• The company saw a strong Q4 performance, delivering over 53,000 vehicles, more than half of its annual total, driven by demand for affordable models like the VF 3.
• VinFast postponed its U.S. factory plans to 2028 and is shifting focus to expanding in Southeast Asia, including markets like Indonesia and the Philippines.
• Despite aggressive growth, VinFast continues to face financial challenges, with nearly $2 billion in losses in the first three quarters of 2024, pressuring its parent company Vingroup.

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Benzinga Electrek