Vietnamese electric vehicle maker VinFast announced Thursday that it had delivered nearly 35,000 in 2023, missing its goal of selling up to 50,000.
Launched in 2017 and hoping to compete with the giants of the sector, the American Tesla and the Chinese BYD, VinFast is trying to break into international markets but admitted in a press release to having delivered a total of only 34,855 electric vehicles (EV) l last year against a target of 40,000 to 50,000.
“Amid challenging economic conditions, low EV adoption in some regions has hurt delivery plans,” said Tran Mai Hoa, deputy general manager of sales and marketing of VinFast.
On January 8, VinFast announced the construction of an electric vehicle factory in India, as part of an investment of two billion dollars, shared with the authorities of the Tamil Nadu region (south), for an annual capacity of up to 150,000 vehicles. The manufacturer also plans to invest at least $1.2 billion in Indonesia.
Listed on the American Nasdaq since August, the Vietnamese manufacturer made headlines when its market valuation exploded, surpassing that of giants Ford and General Motors, before collapsing.
In early January, VinFast also appointed its largest shareholder, Pham Nhat Vuong, Vietnam’s richest man, as CEO, who will directly oversee its operations, including global production, sales and marketing.