Vietnam EV maker VinFast sees sales boom, path to breakeven

Vietnam’s VinFast expects to sell as many as 50,000 electric vehicles (EVs) this year, an almost seven-fold increase over 2022 as it ramps up exports to North America and starts shipping to Europe, the company’s founder said on Wednesday.

VinFast could hit break even as soon as the end of 2024 “if things go as planned,” Pham Nhat Vuong, chairman of the country’s largest conglomerate Vingroup and founder of its auto unit VinFast, told investors at the company’s annual general meeting.

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company’s only market was Vietnam.

In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or “mini car.” The latter would be priced between $10,000 and $12,000, he said, making it an ultra-low-cost EV.

It was the first outlook VinFast has offered since announcing earlier this month it would list in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co.

This report’s information was first seen on ZAWYA; to read more, click this link.