VinFast leads Vietnam’s auto market in Q1

By Dat Nguyen   April 19, 2024 | 08:02 pm PT
EV maker VinFast sold around 8,200 cars in Vietnam in the first quarter, the highest for any brand, but most were bought by a sister company, a taxi operator.

The company said it sold 9,689 units globally, up 444% from 2023, but did not disclose market-specific figures. It only sells vehicles in Vietnam, the U.S. and Canada.

Auto market researcher Kelly Blue Book said VinFast sold 927 units in the U.S. last quarter, accounting for a 0.3% EV market share.

A source told VnExpress that sales in Canada were lower than in the U.S. and the combined sales in the two markets were under 1,500 units.

These figures indicate the Vietnamese share was 8,200 vehicles.

It was followed by Hyundai, which sold over 7,900 vehicles and Toyota, 7,300.

VinFast sold 75% of its vehicles to ride-hailing firm GSM, a company owned by Vingroup chairman Pham Nhat Vuong.

VinFast hopes to expand this year to Thailand, Indonesia, India, and the Middle East.

It has begun construction of a US$500 million factory in India with a capacity of 150,000 vehicles a year.

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