VinFast, a subsidiary of the Vingroup conglomerate and the Vietnamese electric vehicle (EV) maker, has recently disclosed that it failed to meet its 2023 delivery goal. The firm had delivered just under 35,000 cars instead of the targeted 40,000 units.
As per the firm, the shortfall is due to the sluggish adoption of EVs in certain regions, intense competition, and economic uncertainty. However, VinFast reported a notable 35% increase in deliveries during the last quarter of 2023 compared to the third quarter, reaching a total of 13,513 units.
It may be noted that the firm introduced its sport utility vehicle (SUV) VF 8 in California in March. It has also outlined plans to establish manufacturing and battery facilities in India. Additionally, the company expressed its intent to expand its market presence in the Middle East, Latin America, and Asia, with a specific focus on Indonesia.
Tran Mai Hoa, VinFast’s Deputy CEO of sales and marketing, acknowledged the challenging market conditions and stressed on significant surge in vehicle deliveries in the fourth quarter. Despite this improvement, the slower adoption of EVs in specific regions resulted in fewer deliveries than initially anticipated.
There was no further information provided regarding the breakdown of sales by market. However,it was noted that around 60% of the deliveries in the second and third quarters were directed to Green SM (GSM), an affiliate of VinFast.
The firm has been a key player in Vietnam’s electric vehicle market. Besides launching its EVs in the domestic market. VinFast has expressed ambitions to become an international player in the electric vehicle industry.
As per the firm, to support the growth of EVs, there has been an emphasis on developing charging infrastructure across the country. With collaborations and partnerships, VinFast has aimed to enhance its expertise in EV technology and production.
