VinFast delivered 21,800 cars in first half of 2024

On July 12, VinFast announced the EV manufacturer has made the strategic decision to adjust the timeline for the launch of its North Carolina manufacturing facility, which is now expected to begin production in 2028.

This decision will allow the company to optimise its capital allocation and manage its short-term spending more effectively, focusing more resources on supporting near-term growth targets and strengthening existing operations.

In 2022, Vinfast announced that it would build its first EV manufacturing factory in North America with an annual production capacity of 150,000 vehicles. The project would have a total investment of $2 billion in its first phase. Under the plan, the factory was slated to become operational in summer 2024.

However, many carmakers have had to reevaluate their plans for new facilities and models as the demand for EVs has declined due to high borrowing costs and consumers switching to less expensive gasoline-electric hybrids.

Thuy Le, chairwoman of the Board of Directors at VinFast said, “We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking into full consideration the realities of market volatility and potential challenges. Our robust long-term strategy and proven execution capabilities position us well to meet the evolving needs of the dynamic global EV market.”

For the second quarter of 2024, VinFast delivered 12,058 vehicles, representing an increase of 24 per cent quarter-over-quarter and an increase of 26 per cent compared to the same period of last year. Through the first half of 2024, VinFast has delivered 21,747 vehicles, up by 92 per cent compared to the first half of 2023.

While the second-quarter delivery results were encouraging, ongoing economic headwinds and uncertainties in different macroeconomies and global EV landscape necessitate a more prudent outlook for the rest of the year.

The company now anticipates delivering approximately 80,000 EVs in 2024, compared to 34,855 vehicles delivered in 2023, or 2.3-fold growth on-year.

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