VinFast delivers over 9,500 cars in Q2

By Minh Son   September 24, 2023 | 08:27 pm PT
Electric vehicle maker VinFast delivered over 9,500 cars in Q2, more than five times Q1 number, according to a report VinFast sent to the U.S. Securities Commission (SEC).

Most of the vehicles were sold to GSM, a newly established subsidiary that leases electric cars and motorbikes and operates electric taxis.

GSM had received some 7,100 electric cars by the end of the second quarter. It has a deal to buy 200,000 electric motorbikes and 30,000 electric cars.

VinFast also sold 10,182 electric motorbikes in the second quarter, up 4%.

As of June 30, it had 122 showrooms for cars globally and 245 for motorbikes.

The company has announced plans to expand into Indonesia, Malaysia, India, and the Middle East.

Currently, it operates in three markets, Vietnam, North America and Europe.

Entering other Asian countries would be an important milestone in the company’s global business development strategy, it has said.

In documents filed with the SEC, it has identified Indonesia as an important market for establishing electric vehicle and battery manufacturing facilities due to its relatively low costs and availability of raw materials.

VinFast makes seven electric car models ranging from mini sized to large SUVs, nine motorbike models from popular to high-end, buses, and bicycles, operates charging stations and offers advanced energy solutions.

VinFast reported revenues of US$334.1 million for Q2, a four-fold increase from the first.

It made a net loss of $526.7 million in Q2, down 11.2% from Q1 and 8.2% year-on-year.

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