VinFast secures top market position in Vietnam
- Written by Telegraph Magazine
HANOI, VIETNAM - Media OutReach Newswire - 12 November 2024 – VinFast announced it has delivered more than 11,000 electric vehicles (EVs) to domestic customers in October, bringing its total sales since the beginning of the year to over 51,000 EVs.
This positions VinFast as the best-selling automotive brand in the Vietnamese market for October and the first ten months of 2024. VinFast is confident in maintaining its domestic leadership and contributing to the green transition of Vietnam's transportation sector.
Since the beginning of the year, VinFast has delivered over 51,000 EVs in the Vietnamese market, officially becoming the best-selling automotive brand in the country.
Following strong sales in September 2024, VinFast continued its momentum in October by delivering more than 11,000 EVs—a 21% increase over the previous month. The VF 3 and VF 5 were the top-selling models, with nearly 5,000 EVs and over 2,600 EVs sold, respectively.
Since the beginning of the year, VinFast has delivered over 51,000 EVs in the Vietnamese market. With a substantial number of pre-orders, large-scale production capacity, as well as a continuously expanding network of dealership and charging stations nationwide, VinFast is confident in maintaining its top position in the Vietnamese market and further widening its lead over competitors.
VinFast becoming the best-selling car brand in its domestic market marks a significant breakthrough for Vietnam automotive industry. In just over five years since market entry, VinFast managed to not only establish a firm foothold but also overtake foreign competitors to secure the largest market share. Notably, VinFast is also the first electric vehicle brand to surpass gasoline-powered competitor to become the market-leading brand, just two years after its transition to a pure-play brand.
VinFast's remarkable growth is a testament to the capabilities and resilience of the Vietnamese people in high-tech industry, and underscores strong consumer support for eco-friendly, smart electric vehicles. Vietnam is now among the few countries where domestic auto sales are led by a pure-play EV company.
Reflecting on this historic milestone, Mr. Pham Nhat Vuong, Chairman of Vingroup and CEO of VinFast Global, shared: "Achieving this milestone is, first and foremost, thanks to the support of hundreds of thousands of VinFast customers—those who have pioneeringly backed a young Vietnamese brand, who have shown patience in using our products, and have provided invaluable feedback to improve VinFast's products and services from the start. Their insights and support have helped VinFast make improvements in product and service quality to reach where we are today. On behalf of all employees at Vingroup and VinFast, I extend my deepest gratitude to every VinFast customer and pledge that we will not rest on our current achievements. We will continually strive to research and implement solutions to elevate our product and service quality to increase customer satisfaction even further. I'd also like to thank the entire VinFast and Vingroup team for their resilience in overcoming numerous challenges and doubts. Together, we have wholeheartedly and creatively fulfilled our mission."
Currently, VinFast offers seven electric vehicle models across all segments in the Vietnamese market, from mini-SUVs to E-SUVs, with competitive pricing options that cater to diverse customer needs and remain attractive compared to gasoline vehicles in the same segment. VinFast is also actively expanding internationally, strengthening its presence in multiple countries and regions worldwide to contribute to the global shift toward electric mobility.
The Company also announced that it will release its 3Q24 financial results before the market opens on November 26, 2024. On the same day, VinFast's management will hold a live webcast to discuss the Company's business performance and strategy. Details for the call are below:
- What: VinFast Q3 2024 Financial Results and Q&A Webcast
- When: Tuesday, November 26, 2024
- Time: 8:00 a.m. Eastern Standard Time
- Live webcast: https://edge.media-server.com/mmc/p/5725mupo
A replay of the webcast will also be made available on the Company's website.
For additional information, please visit ir.vinfastauto.us.
Investor Relations Email: ir@vinfastauto.com
Hashtag: #VinFast #EVs #VF3 #VF5 #topmarket
https://vinfastauto.com/vn_en
The issuer is solely responsible for the content of this announcement.
About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play 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, EMEA and Asia. Learn more at: https://vinfastauto.us/
