VinFast Auto’s global electric vehicle deliveries during the first quarter of 2024 amounted to 9,689. It’s a 444% increase year-over-year (from a low base of 1,780).

Compared to the previous periods, this volume is relatively stable. Only the Q4 2023 stands out with a record of 13,513 EV deliveries. However, it’s worth noting that the majority of VinFast electric cars were delivered to related parties of the company (56%, according to the Q1 financial report). That’s always a warning sign from the business perspective.

For reference, in 2023, VinFast delivered globally 34,855 electric vehicles (scooters excluded). Its cumulative sales recently exceeded 50,000.

The lineup includes several car models (VF e34, VF 5, VF 6, VF 7, VF 8, VF 9) and electric buses (e-bus).

According to VinFast Auto’s Q1 financial report, as of March 31, 2024, the company had 119 EV showrooms globally.

The sales network is growing in the U.S., where VinFast signed additional agreements with 10 dealers, bringing the total number of dealers signed to 16. They span seven states: Connecticut, Florida, Kansas, Kentucky, New York, North Carolina, and Texas. Sales operations for these newly added dealerships are expected to begin in Q2 2024, the company said.

Another interesting thing from the U.S. perspective is the upcoming market launch of the VinFast VF 9 model. The first batch of VF 9 “is set to arrive in the U.S. in April and will be ready for deliveries between late quarter two and early quarter three of 2024.”

We are eager to see VinFast’s sales results in the U.S. (VF 8 model) because as far as we know, they were in the low three-digits (117 registrations in January).

In terms of financial results, VinFast Auto’s revenues in Q1 2024 amounted to about $302.6 million, including $270.5 million from vehicle sales. Meanwhile, net losses were $618.3 million (including $419.3 million in the “Cost of vehicles sold” position). It means that VinFast has a lot of work to do to build a successful EV business.