Vietnamese EV maker VinFast Auto VFS on Thursday reported a whopping 192% increase in EV sales worldwide to 97,399 units. However, very few EVs were sold in the U.S.
What Happened: On Jan. 11, VinFast said in a statement that the company delivered more than 87,000 EVs in Vietnam alone last year, implying that the company sold just 10,000 in other countries, including the U.S.
The company, however, does not break down deliveries by geography, making it difficult to ascertain how many EVs were sold in the U.S. in particular.
While the global delivery number exceeds the company’s revised guidance of 80,000 units, it had initially expected to sell 100,000 EVs in 2024.
Why It Matters: VinFast, founded by Vietnamese billionaire Pham Nhat Vuong, stepped out of Vietnam for the first time and entered the U.S. market in March 2023. It subsequently went public in August.
However, its vehicles haven’t been received well in the U.S. EV market dominated by American EV giant Tesla Inc. The company recalled 999 vehicles in the geography in less than 3 months of its first delivery owing to a safety concern.
In July, the company announced that it is postponing the launch of its first U.S. factory in North Carolina until 2028. The company had previously planned to start production at the factory in 2025.
Price Action: Vinfast shares closed down 0.8% at $3.72 on Thursday but rose 1.9% after hours after the company said that it is targeting to at least double its global deliveries in 2025. The stock is down 28.7% over the past year, according to data from Benzinga Pro.
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