According to Bloomberg, sales of VinFast Auto, a Vietnamese electric car maker, declined in the first quarter of this year, but its losses narrowed.
At a time of declining global demand for electric vehicles, the company has set ambitious goals to become a global brand in the field of electric vehicles.
VinFast said in a filing that its net loss in the first three months of this year was $618.
3 million, down 12.
3% from the fourth quarter of last year, while revenue was $302.
6 million, down sharply from $436.
5 million in the previous quarter, but up 269.
7% from the same period last year.
VinFast, VinFast delivered 9689 new cars in the first quarter of this year, down 28% from the fourth quarter of last year.
However, the company reiterated its expectation of delivering 100000 vehicles in 2024.
Throughout 2023, the company delivered a total of 34855 cars.
However, 56 per cent of the new cars delivered by VinFast in the first quarter were sold to affiliated companies.
In 2023, 72 per cent of the company’s electric car sales and 46 per cent of electric scooter sales also came from relevant parties, especially taxi company GSM Green and Smart Mobility Joint Stock Co.
It is reported that Pham Nhat Vuong, chairman of Vingroup and founder of VinFast, owns 95% of GSM Green and Smart Mobility Joint Stock.
VinFast shipped its first electric cars to the United States at the end of 2022.
The company said it currently has 16 dealers in seven states, 10 of which will start operating in the second quarter of this year.
Le Thi Thu Thuy, chairman of VinFast, said in an interview that “the US market showed good growth in the first quarter” and that US sales accounted for more than 10 per cent of the company’s total delivery in the first quarter.
In addition, VinFast is building a $2 billion manufacturing park in North Carolina, and the electric vehicle manufacturing base in the Indian state of Tamil Nadu broke ground in February and plans to open a factory in Indonesia.
VinFast hopes to sell its cars in as many as 50 markets around the world by the end of the year, but demand for electric vehicles is slowing.
Recently, Tesla, the global market leader in electric vehicles, announced more than 10 per cent layoffs.
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