VinFast achieved total revenue of over $334 million in the second quarter of 2023.

Accordingly, VinFast recorded total revenue of up to $334.1 million in the second quarter, a 303% increase compared to the first quarter of 2023. The revenue mainly came from the delivery of 9,535 electric vehicles during the period.

In the second quarter, the number of electric cars delivered was 9,535, an increase of approximately 436% compared to the previous quarter. The number of electric motorcycles delivered was 10,182, an increase of 4%.

As of June 30, 2023, VinFast had 122 showrooms for electric cars globally and 245 showrooms and service centers for electric motorcycles.

In terms of business results, in the second quarter of 2023, vehicle sales revenue reached VND 7,488 billion (USD 314.6 million), an increase of 147% compared to the same period last year and a 387% increase compared to the previous quarter.

Total revenue for Q2 2023 was VND 7,953 billion (USD 334.1 million), a 131.2% increase year-on-year and a 303.3% increase compared to the previous quarter. The majority of this revenue came from the sale of electric vehicles.

The gross loss from business operations was VND 2,715 billion (USD 114.1 million).

VinFast's revenue surged in Q2 2023, and profits showed positive signs. (Photo: VinFast).

The operating loss was VND 9,230 billion (USD 387.8 million). The reduction in loss was mainly due to a strong increase in revenue and an improved profit margin compared to previous quarters.

The net loss was 12,535 billion VND (526.7 million USD).

Total assets amounted to VND 116.828 billion (USD 4.909 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 being Vietnam's first electric vehicle manufacturer to becoming a company listed on the Nasdaq stock exchange.

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

David Mansfield, Chief Financial Officer of VinFast, said: “We are pleased to announce our Q2 results, marked by strong growth and improved profitability. VinFast’s electric vehicle deliveries increased by 436% year-on-year, and the growth in sales and operational efficiency helped improve our gross profit margin 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 28th, VinFast officially broke ground on its manufacturing plant in North Carolina, with a production capacity of up to 150,000 vehicles per year.

Furthermore, VinFast also announced that the EPA certified driving range of the VF 9 electric vehicle is 330 miles (Eco version) and 291 miles (Plus version). This exceeds VinFast's initial announcement, affirming its continuous efforts to improve product quality and provide the best possible customer experience.

Regarding business operations, VinFast announced a strategy to expand into the markets of Indonesia, Malaysia, India, and the Middle East. Currently, VinFast primarily operates in three markets: Vietnam, North America (USA, Canada), and Europe (France, Netherlands, Germany). Expanding operations to other Asian countries will be a significant milestone in the company's global business development strategy.

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

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