VinFast’s global delivery jumped 444% year-on-year in Q1 2024

VinFast has reported remarkable growth in global sales for Q1 2024. The Vietnamese EV maker delivered nearly 10,000 units in the first three months of the year, a 444 percent improvement over the same period last year.

After a record sales of 13,513 in the last quarter of 2023, VinFast has reported a delivery of 9,689 electric vehicles in Q1 2024. While lower than the previous quarter, down 28%, the figure was 444 percent higher year-on-year, when it only sold 1,780 in the first quarter of 2023.

The Vietnamese-based automaker plans to deliver 100,000 vehicles in 2024.

“While VinFast acknowledges ongoing global economic and geopolitical uncertainties, we view them as temporary hurdles. With our diverse product range, fast-growing global sales network, outstanding after-sales policy, and our groundbreaking battery subscription policy, VinFast has outlined a clear roadmap for the rest of the year and remains committed to our target of delivering 100,000 electric vehicles in 2024,” said Chairwoman of the Board of Directors, Madam Thuy Le.

VinFast generated about $302.6 million in revenue in Q1 2024, with the majority coming from vehicle sales. However, it lost $618.3 million as it struggled to become a profitable EV manufacturer. VinFast also reported it now operates 119 showrooms globally.

The company is expanding its footprint in the US. It has signed on ten new dealerships, meaning it now has a business relationship with 16 dealerships across seven states, all in less than five months.

VinFast’s Q1 2024 financial report has revealed the first shipment of the VinFast VF 9 model will arrive in the US this month (April), with deliveries set for late Q2 or early Q3. The company’s lineup includes the VF e34, VF 5, VF 6, VF 7, VF 8, VF 9, and electric buses.

VinFast made a splash at the CES 2024 with a wild pickup truck.

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