VinFast, a subsidiary of Vingroup JSC and Vietnam’s only pure-play electric vehicle manufacturer, has announced its unaudited financial results for Q2 2024, ending June 30.
The company delivered 13,172 EVs in Q2, marking a 44% increase quarter-over-quarter (QoQ) and a 43% year-over-year (YoY) rise. This brings the total deliveries for the first half of 2024 to 22,348 vehicles, a 101% increase compared to the same period in 2023. VinFast’s Q2 revenue reached $357 million, reflecting a 33% QoQ growth and 9% YoY increase. Vietnam, with its accelerating momentum, is expected to be a key driver of VinFast’s revenue for the rest of 2024.
Madam Thuy Le, Chairwoman of VinFast, emphasized the company’s commitment to a sustainable future, stating: “Our strategy remains focused on being a vertically-integrated green mobility solutions company, offering high-quality, affordable electric vehicles.” She also announced the launch of the VF 3 e-SUV in Q3, completing the development of all seven e-SUV models.
Chief Financial Officer Lan Anh Nguyen highlighted the strong growth in Vietnam, stating, “Q2 of 2024 met our expectations, driven by increased demand for VinFast EVs in Vietnam. This growth has strengthened our market position and advanced our mission of promoting EV adoption and green mobility.”
Strong Q2 Performance
VinFast’s 13,172 vehicle deliveries in Q2 represent a 44% increase QoQ and 43% YoY. In the first half of 2024, the company delivered 22,348 EVs, a 101% rise compared to the same period in 2023. Vietnam was a key contributor, with a 108% YoY increase in B2C deliveries during Q2.
Q2 revenue totaled $357 million, up 9% YoY and 33% QoQ. However, the company reported a gross loss of $224 million, with a gross margin of (62.7%), largely due to a $104 million impairment charge on Net Residual Value (NRV), up from $5 million in Q1.
Global Expansion
VinFast’s global dealership network has expanded, with 155 showrooms as of August 31, of which 70% are dealerships.
- Vietnam: The VF 5 model has driven sales, solidifying its leadership in the domestic market. VinFast also began delivering its mini electric SUV, the VF 3, in Q3 2024.
- North America: VinFast continued its U.S. expansion in Q2 2024, with operations in eight states. The company increased brand awareness through dealer networks and established a Dealer Advisory Council. In Canada, VinFast achieved 15% QoQ growth, with July and August marking record delivery months in North America.
- Southeast Asia: In Indonesia, VinFast has opened 15 showrooms and delivered its first VF e34 electric vehicles in Q3 2024. Indonesia became the first market to receive right-hand-drive VinFast EVs. The company’s battery subscription model has been highly successful, accounting for nearly all sales and orders in Indonesia, and receiving positive feedback in the Philippines.
Outlook for 2024
VinFast reaffirms its target of delivering approximately 80,000 units by the end of 2024. Vietnam is expected to be the primary revenue driver, with the success of the VF 5 model, robust charging infrastructure, battery subscription program, and strong after-sales services reinforcing VinFast’s leadership in the domestic EV market.
Despite challenges in international markets, they remain crucial to VinFast’s long-term growth. The company is committed to driving global EV adoption through innovation, product expansion, and an extended market presence.
