HANOI — Vietnamese electrical automobile (EV) maker VinFast on Thursday stated it delivered almost 35,000 automobiles in 2023, beneath its goal of no less than 40,000 models, blaming gradual EV adoption in some areas, robust competitors and unsure financial system.
The deliveries within the final three months of 2023, nevertheless, elevated 35% towards the third quarter to 13,513 models, the corporate stated.
VinFast, which began to ship its sport utility automobile (SUV) VF 8 in California final March, earlier this month flagged a plan to arrange manufacturing and battery amenities in India. It additionally goals to increase in additional markets within the Center East, Latin America and Asia, together with Indonesia.
“We saw a significant ramp-up in vehicle deliveries in the fourth quarter 2023 compared to previous quarters,” Tran Mai Hoa, VinFast’s Deputy CEO of gross sales and advertising and marketing stated in a press release.
“However, against a challenging market backdrop, EV adoption rate in certain regions has been slow, leading to fewer deliveries than we anticipated,” she added.
Though VinFast didn’t give a transparent breakdown of gross sales by markets in Thursday’s announcement, about 60% of the deliveries within the second and third quarter went to its affiliate Inexperienced SM (GSM), a Vietnam-based taxi operator and leasing supplier principally owned by VinFast’s CEO, Pham Nhat Vuong.
In October, a senior VinFast official instructed Reuters the corporate would increase gross sales to GSM this 12 months.
VinFast, which is but to make a revenue, entered the EV market at a time when automobile costs have been underneath strain, led by cuts at market chief Tesla and Chinese language corporations together with BYD.