VinFast VF 8 All-Electric SUV. The company reports $1.2 billion in revenue for fiscal year 2023. — Photo courtesy of the company

Vietnamese electric vehicle maker VinFast announced on Thursday its Q4 revenue of US$437 million, up 26 per cent from the previous quarter and 133 per cent year-on-year. This growth was driven by both higher sales volumes and an improved product mix.

The company reported $1.2 billion in revenue for fiscal year 2023, representing an increase of 91 per cent from 2022. Gross loss was $174.9 million in Q4/2023, and $551.6 million in FY 2023.

VinFast’s gross profit margin showed significant improvement compared to the previous fiscal year. Gross margin was negative (46 per cent) in FY 2023, compared to negative (82 per cent) in FY 2022. In the fourth quarter of 2023, gross margin reached negative (40.1 per cent), compared to negative (82.6 per cent) in the fourth quarter of 2022.

Thủy Lê, Chairwoman of the Board of Directors, said 2023 was a whirlwind of firsts for VinFast, culminating in a strong public debut. They launched exciting new products, expanded their distribution network, and solidified their presence in existing markets while opening doors to promising new ones. These moves laid a strong foundation for 2024 to be a year of global expansion and cost optimisation.

VinFast delivered a total of 34,855 electric vehicles in FY 2023, marking a 374 per cent increase compared to the previous year. This included 13,513 electric vehicles in the Q4, up 35 per cent from the third quarter of 2023.

Despite a slight decrease in Q4/2023 compared to the third quarter, e-scooter deliveries also saw significant growth of 48 per cent year-on-year for a total of 72,468 units in 2023. — VNS