Heaptalk, Jakarta — Electric vehicle manufacturer VinFast reported a revenue increase of 269.7%, or approximately US$302.6 million, in the first quarter of 2024. Its new campaign focuses on expanding VinFast’s dealership network, and customer interest in new electric car models has contributed to this growth.
VinFast’s unaudited report also revealed that its gross loss was about US$150.8 million in Q1 this year, while its gross margin improved from negative (172.9%) in Q1 2023 to negative (49.8%) in Q1 2024. In terms of its vehicle distribution, VinFast also delivered 9,689 vehicles in the first quarter of 2024, an increase of 444% year over year (YoY).
“We remain steadfastly committed to driving continuous improvements across our business. Our focus on materials optimization, scale advantages, and disciplined cost management will be key to delivering sustained value for our stakeholders,” VinFast’s Chief Financial Officer, Anh Nguyen, said.
In the first quarter of this year, VinFast followed its global growth roadmap by establishing its brand in Thailand and Indonesia, broadening its presence in the Middle East, commencing construction of its manufacturing facility in India, and ramping up its global sales network. While domestic sales still drove most of the revenues this quarter, VinFast recorded encouraging growth in the U.S. market, with several new dealers reporting sales figures.
Also, VinFast secured partnerships with ten new dealers this year, bringing its total U.S. network to 16 dealers across seven states, including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. These newly signed dealerships will begin operations in the second quarter.
Beyond current markets, VinFast also ramps up its presence and sales efforts in markets across Southeast Asia. At the 2024 Bangkok International Motor Show, the Company officially launched its brand in Thailand and signed Letters of Intent with 15 dealers, with a target of operating 22 stores in Bangkok.
VinFast officially opened its first dealer store in Indonesia and started selling the VF e34, a C-segment electric SUV. Notably, the Company has implemented a unique battery subscription policy within the market, specifically designed to incentivize Indonesian consumers to switch to electric vehicles by offering lower initial and operating costs.
