Vietnamese electric vehicle maker VinFast said on Thursday it delivered approximately 97,000 cars in 2024, nearly tripling its sales from the previous year, with most units sold in its domestic market.
The automaker aims to at least double global sales in 2025, following a surge in deliveries in the final quarter of 2024, when it sold over 53,000 vehicles—more than half of its total annual sales. The company exceeded its revised target of 80,000 units, though it initially projected 100,000 sales for the year.
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“VinFast’s 2024 results exceeded expectations, demonstrating resilience in the face of market fluctuations and macroeconomic volatility,” said Chairwoman Thuy Le.
VinFast continues to expand aggressively in Vietnam, leveraging a growing market of nearly 100 million people. Its strong fourth-quarter performance was driven in part by the introduction of a smaller, more affordable EV model.
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Despite its sales growth, VinFast remains under financial strain. The company posted a nearly $2 billion loss in the first three quarters of 2024, after reporting $2.4 billion in losses in 2023. The mounting losses have placed pressure on its parent company, Vietnamese conglomerate Vingroup.
VinFast has struggled to attract foreign buyers. In January, the company reported selling over 87,000 EVs in Vietnam in 2024. Unless revised, this suggests that only about 10,000 units—roughly 10% of total sales—were sold overseas.
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Last year, the company delayed its planned U.S. factory and appeared to shift focus toward Asia, announcing plans for assembly plants in India and Indonesia. VinFast did not disclose a breakdown of its sales by market.
A significant portion of VinFast’s domestic sales have been to entities linked to its owner, Pham Nhat Vuong. In the last quarter of 2024, Green SM (GSM), an EV taxi operator backed by Vuong, overtook Grab as Vietnam’s leading taxi company, according to Mordor Intelligence. In the third quarter, approximately 20% of VinFast’s deliveries were to its related businesses, based on quarterly earnings data.