SINGAPORE, July 12,
2024 /PRNewswire/ -- VinFast Auto Ltd.
("VinFast" or the "Company"), a pure-play electric vehicle ("EV")
manufacturer with the mission of making EVs accessible to everyone,
delivered 21,747 electric vehicles in the first half of 2024, a
significant 92% increase over the same period in 2023.
For the second quarter of 2024, VinFast delivered 12,058
vehicles, representing an increase of 24% quarter-over-quarter and
an increase of 26% compared to the same period of last year.
While the second-quarter delivery results were encouraging,
ongoing economic headwinds and uncertainties in different
macro-economies and global EV landscape necessitate a more prudent
outlook for the rest of the year. The Company now anticipates
delivering approximately 80,000 electric vehicles in 2024, compared
to 34,855 vehicles delivered in 2023, or 2.3x year-over-year
growth.
As the global macro-economy and EV landscape continue to evolve,
VinFast has decided to adopt a prudent and realistically
strategized approach. This approach focuses on seizing near-term
opportunities in a more selective group of potential markets,
allowing for optimal capital and resource management, and
minimizing risks more effectively.
Recognizing the rapid transition from gasoline vehicles to
electric vehicles in Vietnam, VinFast will leverage its strong
foundation in the domestic market to capitalize on this growth
momentum.
The Company's advantages in Vietnam include a comprehensive charging
station system, a diverse product portfolio catering to
different customer needs, a flexible battery
subscription policy, and excellent after-sales service
that builds trust and customer loyalty.
In addition, as part of its prudent expansion plan, VinFast has
made the strategic decision to adjust the timeline for the launch
of its North Carolina
manufacturing facility, which is now expected to begin production
in 2028.
This decision will allow the Company to optimize its capital
allocation and manage its short-term spending more effectively,
focusing more resources on supporting near-term growth targets and
strengthening existing operations.
Madam Thuy Le, Chairwoman of
the Board of Directors, stated, "We have adopted a more
prudent outlook that is carefully calibrated to near-term
headwinds, taking into full consideration the realities of market
volatility and potential challenges. Our robust long-term strategy
and proven execution capabilities position us well to meet the
evolving needs of the dynamic global EV market."
The adjustment doesn't change VinFast's fundamental growth
strategy and key operating targets. The Company anticipates
strong sales growth in the second half of this year, driven by a
diverse product range
with competitive pricing targeting a larger customer
base and a rapidly expanding global distribution network in key
regions, including new markets in Asia and existing markets adopting a
dealership model.
The Company's strong first half performance set the stage for
this growth. VinFast opened pre-orders for the mini-SUV VF 3 model
domestically, achieving record deposit numbers. In Indonesia, VinFast opened dealer
stores and began selling the VF e34 and VF 5 models within a
few months.
VinFast also expanded its global footprint by entering
Thailand and the Philippines, officially began deliveries
in Europe backed by a
well-developed customer care network, established a presence in the
Middle East, broke ground on its first manufacturing facility
in India, and expanded its global
sales network.
The Company also announced that it will release its 2Q24
financial results before the market opens on August 15th, 2024.
About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of
Vietnam's largest conglomerates,
is a pure-play electric vehicle ("EV") manufacturer with the
mission of making EVs accessible to everyone. VinFast's product
lineup today includes a wide range of electric SUVs, e-scooters,
and e-buses. VinFast is currently embarking on its next growth
phase through rapid expansion of its distribution and dealership
network globally and increasing its manufacturing capacities with a
focus on key markets across North
America, Europe and
Asia. Learn more at
https://vinfast.com/
Forward Looking Statements
Forward-looking statements in this announcement, which are
not historical facts, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1955.
These statements include statements regarding our future results of
operations and financial position, planned products and services,
business strategy and plans, objectives of management for future
operations of VinFast, market size and growth opportunities,
competitive position and technological and market trends and
involve known and unknown risks that are difficult to predict. As a
result, our actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements because they contain words such as "may," "will,"
"shall," "should," "expects," "plans," "anticipates," "could,"
"intends," "target," "projects," "contemplates," "believes,"
"estimates," "predicts," "potential," "goal," "objective," "seeks,"
or "continue" or the negative of these words or other similar terms
or expressions that concern our expectations, strategy, plans, or
intentions. Such forward-looking statements are necessarily based
upon estimates and assumptions that, while considered reasonable by
us and our management, are inherently uncertain. Factors that may
cause actual results to differ materially from current expectations
include, but are not limited to: (i) the effect of the consummation
of the business combination and the public listing of the Company's
securities on its business relationships, performance, financial
condition and business generally, (ii) the risk that the Company's
securities may experience a material price decline and volatility
in the price of such securities due to a variety of factors, (iii)
the adverse impact of any legal proceedings and regulatory
inquiries and investigations on the Company's business, (iv) the
Company's potential inability to maintain the listing of its
securities on Nasdaq, (v) the risk associated with the Company's
limited operating history, (vi) the ability of the Company to
achieve profitability, positive cash flows from operating
activities and a net working capital surplus, (vii) the ability of
the Company to fund its capital requirements through additional
debt and equity financing under commercially reasonable terms and
the risk of shareholding dilution as a result of additional capital
raising, if applicable, (viii) risks associated with being a new
entrant in the EV industry, (ix) the risks of the Company's brand,
reputation, public credibility and consumer confidence in its
business being harmed by negative publicity, (x) the Company's
ability to successfully introduce and market new products and
services, (xi) competition in the automotive industry, (xii) the
Company's ability to adequately control the costs associated with
its operations, (xiii) the ability of the Company to obtain
components and raw materials according to schedule at acceptable
prices, quality and volumes acceptable from its suppliers, (xiv)
the Company's ability to maintain relationships with existing
suppliers who are critical and necessary to the output and
production of its vehicles and to create relationships with new
suppliers, (xv) the Company's ability to establish manufacturing
facilities outside of Vietnam and
expand capacity in a timely manner and within budget, (xvi) the
risk that the Company's actual vehicle sales and revenue could
differ materially from expected levels based on the number of
reservations received, (xvii) the demand for, and consumers'
willingness to adopt, EVs, (xiii) the availability and
accessibility of EV charging stations or related infrastructure,
(xix) the unavailability, reduction or elimination of government
and economic incentives or government policies which are favorable
for EV manufacturers and buyers, (xx) failure to maintain an
effective system of internal control over financial reporting and
to accurately and timely report the Company's financial condition,
results of operations or cash flows, (xxi) battery pack failures in
the Company or its competitor's EVs, (xxii) failure of the
Company's business partners to deliver their services, (xxiii)
errors, bugs, vulnerabilities, design defects or other issues
related to technology used or involved in the Company's EVs or
operations, (xxiv) the risk that the Company's research and
development efforts may not yield expected results, (xxv) risks
associated with autonomous driving technologies, (xxvi) product
recalls that the Company may be required to make, (xxvii) the
ability of the Company's controlling shareholder to control and
exert significant influence on the Company, (xxiii) the Company's
reliance on financial and other support from Vingroup and its
affiliates and the close association between the Company and
Vingroup and its affiliates, (xxix) conflicts of interests with or
any events impacting the reputation of Vingroup affiliates or
unfavorable market conditions or adverse business operations of
Vingroup and Vingroup affiliates and (xxx) other risks discussed in
our reports filed or furnished to the Securities and Exchange
Commission. All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements set forth above. You are
cautioned not to place undue reliance on any forward-looking
statements, which are made only as of the date of this
announcement. VinFast does not undertake or assume any obligation
to update publicly any of these forward-looking statements to
reflect actual results, new information or future events, changes
in assumptions or changes in other factors affecting
forward-looking statements, except to the extent required by
applicable law. If VinFast updates one or more forward-looking
statements, no inference should be drawn that it will make
additional updates with respect to those or other forward-looking
statements. The inclusion of any statement in this announcement
does not constitute an admission by VinFast or any other person
that the events or circumstances described in such statement are
material. Undue reliance should not be placed upon the
forward-looking statements.
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SOURCE Vinfast Auto LLC