VinFast, Vietnam’s leading electric vehicle (EV) manufacturer, has announced impressive financial results for the second quarter of 2024. The company delivered a remarkable 13,172 EVs in Q2, marking a 44% increase compared to the previous quarter and a 43% jump year-over-year. This strong performance propelled VinFast’s total deliveries for the first half of 2024 to 22,348 vehicles, representing a substantial 101% surge compared to the same period last year.
The company’s revenue also climbed significantly, reaching $357 million in Q2, up by 33% quarter-over-quarter and 9% year-over-year. This growth was largely driven by the increasing demand for VinFast’s EVs in Vietnam, where the company saw a remarkable 108% year-over-year increase in B2C deliveries during the quarter.
VinFast’s home market, Vietnam, is playing a crucial role in driving the company’s growth trajectory. The successful launch of the VF 5 model has secured its position as a domestic leader in its segment. Additionally, the company has begun delivering its highly anticipated VF 3, a compact electric SUV, in the third quarter of 2024.
VinFast is also making significant strides in expanding its global footprint. The company has strategically expanded its dealership network, boasting 155 showrooms across all markets, with approximately 70% of them being dealerships. In North America, VinFast continues to strengthen its presence, now operating in eight states with a combined network of dealer stores and VinFast-owned showrooms. The company also witnessed a 15% quarter-over-quarter growth in Canada during the second quarter.
Southeast Asia is another key market for VinFast. The company entered the Indonesian market less than six months ago and has established 15 showrooms in major cities like Jakarta and Surabaya. VinFast began delivering its first batch of VF e34 electric vehicles during the third quarter of 2024, making Indonesian customers the first globally to receive right-hand drive VinFast EVs.
VinFast’s innovative battery subscription program has been a key driver of sales in Indonesia, accounting for nearly 100% of its total sales and orders. This program has also received positive feedback in the Philippines, further solidifying VinFast’s commitment to making electric vehicles more accessible.
VinFast remains committed to its mission of accelerating the global shift to sustainable electric mobility. The company reaffirms its target of delivering approximately 80,000 units in 2024, with Vietnam expected to play a key role in driving revenue for the remainder of the year.
The company’s continued focus on innovation, product expansion, and building a robust global presence positions VinFast for continued growth and success in the evolving electric vehicle market.
