VinFast achieves total revenue of more than 334 million USD in the second quarter of 2023

Accordingly, VinFast recorded total revenue of up to 334.1 million USD in the second quarter, an increase of 303% compared to the first quarter of 2023. Revenue mainly came from the delivery of 9,535 electric cars in the period.

In the second quarter, the number of electric cars delivered was 9,535, an increase of about 436% over the previous quarter. The number of electric motorbikes delivered was 10,182, an increase of 4%.

As of June 30, 2023, VinFast has 122 showrooms for electric cars globally and 245 showrooms and service workshops for electric motorbikes.

Regarding business results, in the second quarter of 2023, car sales revenue reached VND7,488 billion (USD314.6 million), up 147% year-on-year and up 387% over the previous quarter.

Total revenue in the second quarter of 2023 was VND7,953 billion (USD334.1 million), up 131.2% year-on-year and 303.3% quarter-on-quarter. Total revenue mainly came from sales of electric cars.

Gross operating loss was VND2,715 billion (USD114.1 million).

VinFast's revenue increased dramatically in the second quarter of 2023, with profits showing positive signs. (Photo: Vinfast).

Operating loss stood at VND9,230 billion (US$387.8 million). The decrease was mainly due to strong revenue growth and improved profit margins compared to previous quarters.

Net loss stood at VND12,535 billion ($526.7 million).

Total assets at VND116,828 billion (USD4,909 million) as of June 30, 2023.

According to Ms. Le Thi Thu Thuy - Global CEO of VinFast, since its establishment in 2017, VinFast has had a remarkable journey, from the first electric car company in Vietnam to becoming a listed company on the Nasdaq.

"We are confident that we will capture the huge global opportunity in green mobility and believe that we are ready to execute our strategic goals to fulfill our mission of creating a sustainable future for everyone," affirmed VinFast's global CEO.

“We are pleased to report strong growth and improved profitability in the second quarter,” said David Mansfield, Chief Financial Officer of VinFast. “VinFast’s electric vehicle deliveries increased 436% year-on-year, while sales growth and operational efficiency led to improved gross margins as we continued to implement cost control initiatives.

The support from the Chairman and Vingroup has enabled us to further invest in innovation and product development, as well as expand into new markets to deliver value to our global customers and shareholders.”

On July 28, VinFast officially broke ground on a manufacturing plant in North Carolina with a capacity of up to 150,000 vehicles/year.

Next, VinFast also announced that the EPA certified range of the VF 9 electric car is 330 miles (Eco version) and 291 miles (Plus version). This is a parameter that exceeds VinFast's initial announcement, affirming its continuous efforts to improve product quality to bring the best experience to customers.

Regarding business operations, VinFast announced its strategy to expand into markets in Indonesia, Malaysia, India and Middle Eastern countries. Currently, VinFast is operating mainly in three markets: Vietnam, North America (USA, Canada) and Europe (France, Netherlands, Germany). Expanding operations to other Asian countries will be an important milestone in the company's global business development strategy.

VinFast is currently the world's leading electric vehicle manufacturer with a diverse product range, with 7 electric car models from minicars to large SUVs, 9 electric motorbike models from popular to high-end, electric buses, electric bicycles, charging stations and advanced energy solutions from the Vingroup ecosystem.

Ngoc Vy

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