Vinfast reports significant growth in EV sales
Vinfast shipped a total of 53,139 electric cars in Q4 of 2024, marking a 143-per-cent increase over Q3. Over the whole year, the brand delivered 97,399 vehicles, around 192 per cent over its 2023 figures.
The company also sells electric scooters and delivered around 31,170 of these vehicles in the fourth quarter of 2024. In total, VinFast sold 70,977 electric scooters last year, remaining largely consistent with the previous year with growth of just 1 per cent.
Its total revenues for the quarter were around $677.9m, a 69.8 per cent rise over the same period in 2023 and a 33.8 per cent rise over Q3 2024. This brings Vinfast’s total revenues for 2024 up to $1,808.9m for the year – 57.9 per cent larger than 2023.
The company’s growth follows a period of expansion outside of Vietnam: After completing a billion-euro financing round, Vinfast began shipping its flagship VF 9 to North America in November 2024. In December, the company also announced it plans to double production in Vietnam with the opening of a new factory in Ha Tinh province, which will mainly produce the VF 3 and VF 5. Last year, it also began shipping the VF6 to Germany – its second European model.
Madam Thuy Le, Chairwoman of VinFast, said: “VinFast had an outstanding Q4 and full year 2024, reflecting the Company’s ability to navigate a dynamic and often challenging market environment. These results highlight our continued growth and the broader momentum behind the transition to electric vehicles. As we look ahead to 2025, we remain focused on building greater products, investing in innovation, and ensuring that customers get high quality affordable EVs. We are keeping our 2025 guidance, and our sales plan is built with flexibility in mind as we continue to monitor the evolving macro landscape.”
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