VinFast, the electric vehicle maker based in Vietnam, has reported a significant increase in deliveries for the second quarter of this year. According to a report submitted to the U.S. Securities Commission (SEC), the company delivered over 9,500 cars during this period, which is more than five times the number delivered in the previous quarter.
The majority of these vehicles were purchased by GSM, a recently established subsidiary that specializes in leasing electric cars, motorbikes, and operating electric taxis. By the end of Q2, GSM had received around 7,100 electric cars, and they have an agreement in place to acquire 200,000 electric motorbikes and 30,000 electric cars.
In addition to the car deliveries, VinFast also experienced a 4% increase in sales of their electric motorbikes, with a total of 10,182 units sold in the second quarter. The company’s expansion efforts are evident in their growing number of showrooms, with 122 for cars and 245 for motorbikes worldwide as of June 30.
VinFast has ambitious plans for further expansion, targeting markets such as Indonesia, Malaysia, India, and the Middle East. With current operations in Vietnam, North America, and Europe, entering these new Asian countries would be a significant milestone for the company’s global business strategy. Indonesia, in particular, has been identified as a critical market due to its lower costs and the availability of raw materials, making it an ideal location for electric vehicle and battery manufacturing facilities.
VinFast’s product portfolio is diverse and includes seven models of electric cars, ranging from mini-sized to large SUVs, as well as nine models of electric motorbikes, buses, and bicycles. Additionally, the company operates charging stations and offers advanced energy solutions.
Despite the increase in revenue, which reached $334.1 million in Q2, VinFast reported a net loss of $526.7 million. However, this was a decrease of 11.2% from the previous quarter and 8.2% year-on-year.
Overall, VinFast’s impressive delivery growth and plans for expansion demonstrate their commitment to becoming a major player in the global electric vehicle market. Their innovative products and strategic initiatives position them well for success in the evolving automotive industry.
