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Vietnamese carmaker Vinfast misses 2023 EVs sales target
The communist state's first homegrown car manufacturer is hoping to compete with EV giants such as Tesla, and is trying to crack international markets.
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This photo taken on August 26, 2022 shows a Vinfast car driving past the entrance of the VinFast electric automobile plant in Haiphong. Having conquered most industries at home, optimistic chiefs at conglomerate Vingroup are setting their sights much higher as they ramp up plans to sell the first ever Vietnamese car in the mighty US market.
(AFP/Nhac Nguyen)
V
ietnamese automaker Vinfast said Thursday that it delivered nearly 35,000 electric vehicles last year, missing its target of selling up to 50,000 units.
The communist state's first homegrown car manufacturer is hoping to compete with EV giants such as Tesla, and is trying to crack international markets.
Vinfast said in a statement that it delivered a total of 34,855 EVs in 2023 against a target of between 40,000 and 50,000 cars.
"Amid economic headwinds, slow EV adoption rate in certain regions has adversely affected deliveries plans," Tran Mai Hoa, VinFast's Deputy CEO of sales and marketing, said in a statement.
Earlier this month, Vinfast said it would build an electric vehicle factory in India's southern state of Tamil Nadu, with an annual capacity of up to 150,000 units.
The firm also plans to invest at least $1.2 billion in Indonesia.
Vinfast listed on the Nasdaq in August, hitting headlines around the world as its valuation skyrocketed and then crashed.
Earlier this month, it announced a change in leadership which saw Vietnam’s richest man Pham Nhat Vuong named as the company's new CEO.
Vuong will directly oversee VinFast's operations, including global production, sales and marketing.
