Vinfast does not reach the production target, but the big growth in the last quarter

Vinfast delivered 35 thousand cars in 2023. That is less than the production target of 40 thousand cars. The Vietnamese manufacturer reports this in a press release.

The company says it will not meet its production target due to “slow adoption of electric vehicles in some regions, intense competition and an uncertain economy.”

Presentation

Although Vinfast missed its production target, deliveries in the last quarter of 2023 increased by 35 percent compared to the third quarter to 13,513 vehicles.

Reuters reports that 60 percent of shipments in the second and third quarters went to a subsidiary of Green SM, a taxi operator and rental company owned by Vinfast founder Pham Nhat Vuong. He soon became the CEO of the company.

AM high level

Vinfast is one of the newcomers to the European market. A brand has to prove itself in a busy market, without its own dealer network. In the Netherlands, Vinfast cooperates with Leaseplan for leasing operations.

In the AM Power ranking for newcomers, published in September 2023, Vinfast was given a ‘fair/slight’ chance of success. In the description: ‘Vinfast recently went public with great success. The first showrooms are now open in the Netherlands. But the quality of the models still deserves important attention, as does the price. At current prices, the VF8 doesn’t stand a chance against almost all the competition. But Vinfast has the money to launch a newer model, so we definitely won’t write Vietnamese yet.’