VinFast (VFS) EV deliveries pick up in Q4 but not enough to beat its 2023 target

Vietnamese EV maker VinFast (VFS) saw deliveries pick up in the fourth quarter, but not enough to top its goal of handing over 40,000 to 50,000 vehicles in 2023.

VinFast Q4 EV deliveries rise 35%

According to an SEC filing Thursday, VinFast delivered 13,513 EVs in the last three months of 2023.

Although Q4 EV deliveries were up 35% from the previous quarter, VinFast still missed its 40,000 – 50,000 delivery goal in 2023.

VinFast delivered 34,855 EVs in 2023. The EV maker has now handed over 42,291 electric vehicles globally since it first in 2021.

Ms. Tran Mai Hoa, VinFast’s Deputy CEO of Sales and Marketing, said although Q4 deliveries jumped from Q3, “slow EV adoption rate in certain regions” impacted its delivery plans.

Despite deliveries picking up all year, around two-thirds of VinFast’s Q2 and Q3 sales were to Green and Smart Mobility (GSM). VinFast’s parent company, VinGroup, established GSM, an EV rental and taxi company, last March to expand its electric cars and scooters in Vietnam.

VinFast did not provide Q4 EV delivery details, so we can’t determine how many were sold to GSM.

After an explosive IPO last year, VinFast was worth more than Ford, GM, VW, Stellantis, and Rivian (RIVN) combined, with a market cap of over $200 billion.

VinFast stock has fallen significantly after hitting a high of $90 per share. VinFast shares are down 3% following its Q4 EV deliveries release. Share prices are now down around 93% from the ATH.

The EV maker will release fourth-quarter earnings ahead of the market opening on February 22, 2024. Check back for more details then.

Electrek’s Take

VinFast got off to a bumpy start, entering the market during the peak of Tesla’s price cuts. The EV maker was quick to follow with its own promotional program.

Since then, VinFast broke ground on its first US electric vehicle plant in NC. Once up and running in 2025, the plant is expected to build up to 150,000 EVs annually.

It also announced plans to expand its presence with five dealer partnerships to sell its EVs in the US.

The EV maker recently showed off its compact VF 3 electric car, which could launch under $20,000. VinFast confirmed the VF 3 will be sold globally. The company also revealed its VF Wild electric pickup concept at CES as it looks to expand into new markets.