EV maker VinFast aims expansion in 50 markets

Friday, Oct 06, 2023 13:30

VinFast electric vehicles at Hải Phòng Port to be shipped to the US. — VNA/VNS Photo Dương Giang

VinFast, the electric vehicle (EV) maker of Vietnamese conglomerate Vingroup, on Thursday said it will expand in 50 markets globally by the end of 2024.

It also revealed a plan to set up an assembling plant in India – the third largest automobile market in the world. Some US$150-200 million will be splashed out on the Indian plant, which is designed with the capacity of 50,000 vehicle a year in the first phase.

According to VinFast, plant construction in new markets allows the firm to capitalise on the incentives of the host governments as well as access to raw materials at attractive prices.

VinFast handed over 10,027 electric cars in the third quarter of this year, up 5 per cent from the previous quarter. Robust sales in the period were recorded in the Northern American market, especially Canada.

During January-September, as many as 21,342 VinFast vehicles were delivered.

Besides, the firm saw impressive sales of electric motorbikes, with 28,220 vehicles sold in Q3, up 177 per cent from Q2, and 113 per cent as compared to the same time last year.

Its revenue rose 4 per cent quarter-on-quarter, and 159 per cent year-on-year to VNĐ8.254 trillion ($342.7 million), nearly VNĐ7.7 trillion of which came from electric vehicle sales.

According to Lê Thị Thu Thủy, VinFast global general director, VinFast has an ambitious plan to build a green future, and its business result in the last quarters is only an initial step.

A feasible plan was outlined to ensure that VinFast is able to make bold steps to become a global company, she said. — VNS

Comments (0)