- VinFast’s revenue nearly doubled in 2023 to $1.2 billion.
- The Vietnamese EV maker delivered 34,000 vehicles, up 374% year-over-year.
- However, losses continued at $551 million as VinFast aggressively expands.
VinFast, the electric vehicle manufacturer based in Vietnam, nearly doubled its revenue in 2023. The company brought in $1.2 billion for the year, representing a 91% increase compared to 2022. VinFast attributed the growth to higher sales volumes and an improved product mix.
Sales soar, losses linger
The company delivered over 34,000 electric vehicles in 2023, a 374% surge year-over-year. It also sold more than 72,000 e-scooters.
However, VinFast continues to operate at a loss. Its gross loss for 2023 totaled $551.6 million, although its gross margins improved significantly from -82% to -46%.
.jpg)
“We’re already seeing positive signs in key markets like the U.S. and Indonesia,” said Thuy Le, VinFast’s board chairperson.
“Fueled by this momentum and a recovering consumer sentiment, we’re setting an ambitious target of delivering 100,000 vehicles in 2024.”
Bold expansion plans
VinFast plans to expand rapidly across Asia this year, while also building a $500 million manufacturing facility in India.
.jpg)
The company currently operates in Vietnam, the U.S., Canada, and several European countries, and recently gained approval to enter the Indonesian market.
With over 400 planned global sales points by the end of 2024, VinFast aims to establish itself as a major international EV player.
You can also read the original story in its entirety on https://www.techinasia.com/vinfast-q4-result
