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Vinfast triples sales but loses more than $3 billion in 2024
The communist nation's first homegrown car manufacturer is aiming to compete with global EV giants such as Tesla but has struggled to break into the international market.
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Laborers work in VinFast's factory in Hai Phong City, Vietnam, on April 22, 2021. (Reuters/Thanh Hue)
V
ietnamese electric vehicle maker Vinfast said Thursday it had almost tripled deliveries of its cars in 2024 compared to a year earlier, but posted a loss of more than $3 billion for the year.
The communist nation's first homegrown car manufacturer is aiming to compete with global EV giants such as Tesla but has struggled to break into the international market.
"For the full year 2024, EV deliveries were 97,399, representing an increase of approximately 192 percent from 2023, underscoring strong growth momentum and positive market reception," Vinfast said in a statement, adding its net loss was $3.179 billion.
Vinfast shares have fluctuated wildly since debuting on the Nasdaq in August 2023, at one point soaring to a market value bigger than US auto giants Ford and General Motors before lurching downward.
With more than 100 showrooms globally, Vinfast is trying to crack markets in Asia, the Middle East, Europe, the United States and Canada.
Last month, Indonesia said the firm plans to build 100,000 electric vehicle charging stations across the country.
Vinfast said Thursday its fourth shipment of EVs, consisting of nearly 2,500 vehicles, was sent to Indonesia in early March.
It has 22 dealerships in the country, it added.
Thuy Le, chair of Vinfast, said the annual results reflected the company's "ability to navigate a dynamic and often challenging market environment".
"These results highlight our continued growth and the broader momentum behind the transition to electric vehicles," she said.
Vinfast has received strong backing from CEO Pham Nhat Vuong, Vietnam's richest person, as well as parent company Vingroup.
The company said Thursday he had so far given more than $410 million in non-refundable grants as part of his 2024 pledge to provide up to $2.1 billion to the firm and its subsidiaries.
In March, Doha-based JTA Investment Qatar signed a memorandum of understanding to explore a potential $1 billion investment in Vinfast, according to Vingroup.
The partnership is aimed at supporting Vinfast's "global expansion and technological development", Vingroup said.
