VinFast delivered 9,500 vehicles in the second quarter

/in /by

Sharp increase in sales in Q2 due to the delivery of vehicles to the electric car rental company GSM, which is a major buyer of VinFast.

VinFast Auto (VFS), a subsidiary of Vingroup Corporation (VIC), has just submitted a report to the U.S. Securities and Exchange Commission (SEC) regarding its Q2 operational status.

According to the report, VinFast recorded total revenue of $334.1 million, quadrupling that of the first quarter. This result is attributed to the record-breaking delivery of electric cars, with more than 9,500 units, over five times that of Q1 this year.

The SEC report also reveals that the largest buyer of VinFast is the Green and Smart Mobility (GSM) company, an electric car and motorcycle rental company that provides electric taxi services, founded by Mr. Pham Nhat Vuong in March of this year. GSM has received around 7,100 electric cars from VinFast as of the end of Q2. Prior to this, GSM had signed agreements to purchase 200,000 electric motorcycles and 30,000 electric cars from VinFast.

The number of electric motorcycles delivered in Q2 was 10,182 units, which also increased by 4% compared to the first three months of this year. As of June 30th, VinFast has 122 showrooms for electric cars worldwide and 245 showrooms and service centers for electric motorcycles.

Thanks to the strong increase in electric car sales, VinFast’s total revenue from vehicle sales also nearly quintupled compared to Q1, reaching 7,488 billion VND (314.6 million USD).

The gross loss from business operations amounted to 2,715 billion VND, an increase of 7.5% compared to Q2 of the previous year but a decrease of nearly 30% compared to Q1 of this year. The net loss for this electric vehicle manufacturer was recorded at 12,535 billion VND (526.7 million USD), a decrease of 8.2% compared to Q2/2022 and a decrease of 11.2% compared to Q1 of this year.

In terms of business operations, VinFast has announced a strategy to expand into markets such as Indonesia, Malaysia, India, and Middle Eastern countries. Currently, VinFast primarily operates in three markets: Vietnam, North America (the United States and Canada), and Europe (France, the Netherlands, and Germany).

According to VinFast, expanding its operations into other Asian countries represents a significant milestone in the company’s global business development strategy.

In documents submitted to the SEC, VinFast has identified Indonesia as a key potential market for establishing electric vehicle and battery production facilities due to relatively low costs and readily available raw materials.

Based on VinFast’s assessment of opportunities in Indonesia, the preliminary investment target amounts to approximately 1.2 billion USD in the long term. The objectives include an estimated investment of 150 to 200 million USD to establish a CKD (Complete Knock Down) plant with an annual production capacity of approximately 30,000 to 50,000 vehicles, with production expected to commence no later than 2026.

VinFast is currently a leading electric vehicle manufacturer with a diverse product range in the world, offering 7 electric car models ranging from mini-cars to large SUVs, as well as 9 electric motorcycle models spanning from basic to high-end, electric buses, electric bicycles, charging stations, and advanced energy solutions within the Vingroup ecosystem.

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