VinFast sees surge in third-quarter EV deliveries driven by domestic demand

The Vietnamese electric vehicle manufacturer VinFast said while deliveries were still relatively low for the third quarter, it had a strong rebound in domestic demand. The company, which announced it had delivered 21,912 electric vehicles (EVs) in the quarter, saw a stunning 66 per cent rise from the quarter prior.

VinFast had a busy September and delivered over 9,300 EVs in Vietnam alone, breaking the record for the highest monthly deliveries in the country’s history. VinFast intends to be a key player in the fast growing EV market and this surge is not a surprise.

But the company has had its challenges recently. And VinFast lost more than expected in the second quarter — in part because of higher costs around its international expansion and giving up on cars, as it pertains to losses. Nevertheless, the company did record higher revenues in the same period.

That includes Asian markets like Indonesia where growing demand for electric vehicles is launching the company into an outbound expansion strategy, which will help navigate a softer market in the United States. The company announced plans to move back its launch of its planned manufacturing facility in North Carolina to 2028 and postponed it to do so, citing the need to scrutinise its delivery projections as part of its global strategy. The latest sign of her global ambitions, which could see her one day rivaling Tesla, rich Venezuelans who have gained exposure to Cathie Wood’s electric car fund are eyeing 'VinFast' as an emerging play.

The company will report financial results for the third quarter on November 26, no doubt offering more perspectives on the performance as the market experiment continues and the company keeps adjusting its strategy. As the electric vehicle industry evolves, VinFast will be key in directing the focus towards domestic success and regional expansion.