AUTO

VinFast’s Strategic Growth Shows a Balancing Record of EV Deliveries with Cautious Expansion Plans

July 30, 2024

VinFast delivered 21,747 electric vehicles in the first half of 2024, a 92% increase from 2023.
The opening of VinFast’s North Carolina manufacturing facility has been delayed to 2028.
VinFast is expanding globally, with significant progress in Vietnam, Indonesia, Europe, the Middle East, Thailand, the Philippines, and India.

VinFast, a dedicated Vietnamese electric car manufacturer, has a mission to make EVs accessible to everyone. And in the first half of 2024 they have shown impressive growth. The company delivered 21,747 electric vehicles, which is a huge 92% increase compared to the same period in 2023. However, while celebrating these gains, VinFast is also adopting a cautious approach to navigate the unpredictable economic landscape and global EV market.

Balancing Growth with Caution

VinFast’s Q2 performance in 2024 was particularly noteworthy, with 12,058 vehicles delivered, a 24% quarter-over-quarter increase and a 26% rise compared to the same period last year. Much of this success can be attributed to the popularity of the VF 8 electric SUV, which continues to capture the interest of EV enthusiasts worldwide.

Despite these encouraging figures, the company is taking a more measured outlook for the rest of the year, projecting approximately 80,000 deliveries in 2024. This is a big jump from the 34,855 vehicles delivered in 2023, showing a 2.3 times increase year-over-year.

_{VinFast VF 8 electric SUV on display at Electrify Expo.}

The company’s chairwoman, Madam Thuy Le, explains their approach clearly: “We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking into full consideration the realities of market volatility and potential challenges. Our robust long-term strategy and proven execution capabilities position us well to meet the evolving needs of the dynamic global EV market.”

Strategic Moves and Market Adaptations

VinFast’s strategy is clear: seize near-term opportunities in selected markets, optimize capital and resource management, and minimize risks. This careful strategy includes taking advantage of their strong presence in Vietnam, where more people are quickly switching from gasoline vehicles to Vietnamese electric cars. The company’s strong foundation of growth includes a wide network of charging stations, diverse product portfolio, flexible battery subscription policy, and excellent after-sales service.

To stay cautious and strategic, VinFast has decided to postpone the opening of its North Carolina manufacturing facility until 2028. This move is intended to optimize capital allocation and manage short-term spending more effectively, allowing the company to focus on near-term growth targets and strengthening existing operations.

VinFast’s Global Footprint

The first half of 2024 has set the stage for VinFast’s future ambitions. The company has opened pre-orders for its mini-SUV VF 3 in Vietnam, achieving record deposit numbers. Additionally, VinFast has expanded its footprint in Indonesia, launching dealer stores and selling the VF e34 and VF 5 models.

The company has also made significant strides in Europe, the Middle East, Thailand, and the Philippines, while breaking ground on its first manufacturing facility in India.

Madam Thuy Le remains confident in VinFast’s future: “Our strong first half performance demonstrates our ability to deliver on our promises. As we continue to expand our product range and enter new markets, we are well-positioned to drive significant growth in the global EV market.”

Image showcasing Electrify Expo attendees talking about the VinFast VF9 — _{VinFast VF 3 and VF9 on display at Electrify Expo.}

The Human Touch and Relatability

VinFast’s story is one of resilience and adaptability. Their cautious yet ambitious approach mirrors the balance many of us strive for in our lives—embracing new opportunities while being mindful of uncertainties.

The company’s dedication to innovation and customer satisfaction is evident in its flexible battery subscription policies and exceptional after-sales service, fostering trust and loyalty among its customers. These human-centric policies make VinFast a mode of transport and a part of a larger community striving for a sustainable future.

Image showcasing VinFast VF 8 in red and "Boundless Together" slogan on a sign at Electrify Expo San Francisco

electrify expo austin industry day ride and drives vinfast

Image showcasing VinFast VF 8 in orange at Electrify Expo San Francisco

VinFast Navigates Global EV Market with Balanced Growth and Strategic Caution

As VinFast prepares to release its second-quarter financial results on August 15th, 2024, the company remains focused on its long-term goals. With a variety of products, affordable prices, and a growing global network, VinFast continues to climb in the worldwide EV market.

What can be achieved with a balanced approach? VinFast grows while carefully managing challenges with wisdom and caution.