The growth was driven by successful new campaigns like the expansion of VinFast’s dealership network and customer interest in new electric vehicle (EV) models.
Meanwhile, deliveries and revenues also soared in Q1 compared to the same period last year, with VinFast delivering around 9,700 vehicles, marking an increase of 444 per cent on-year.
Gross losses in the same period came to a little under $151 million, while the gross margin improved from a negative 173 per cent in 2023 to a negative 50 per cent.
VinFast continues to follow its global growth roadmap by launching its brand in Thailand and Indonesia, establishing a presence in the Middle East, beginning construction of its manufacturing facility in India, and ramping up its sales network globally.
The company launched its brand in Thailand at the 2024 Bangkok International Motor Show and signed letters of intent with 15 dealers, with a target of operating 22 stores in Bangkok.
In Indonesia, VinFast opened its first dealership and began selling the VF e34, a C-segment electric SUV. The company has also implemented a unique battery subscription policy there, specifically designed to incentivise Indonesian consumers to switch to EVs by offering lower initial and operating costs.
While domestic and regional sales still drove most of the company’s Q1 revenue, VinFast recorded encouraging growth in the US, with several new dealers reporting encouraging sales figures.
The EV maker has secured partnerships with 10 new dealers, bringing its total US network to 16 dealers across the states of North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. These newly signed dealerships will begin operations in the second quarter.
The company also expanded its global footprint with first distribution agreements signed in Oman, Ghana, and Micronesia.
Despite the macroeconomic challenges facing the EV industry, VinFast has established clear plans and remains committed to the target of delivering 100,000 electric cars in 2024, with the majority of deliveries expected in the second half of the year. This effort will be primarily driven by the company’s rapidly expanding distribution network, the introduction of new models targeting a broader customer base, and entry into new markets.
