VinFast reports Q4 and total 2023 revenue growth

VinFast VF 8 All-Electric SUV. (Photo: VinFast)

Hanoi (VNS/VNA) - Vietnamese electric vehicle maker VinFast on February 22 announced its Q4 revenue of 437 million USD, up 26% from the previous quarter and 133% year-on-year. This growth was driven by both higher sales volumes and an improved product mix.

The company reported 1.2 billion USD in revenue for fiscal year 2023, representing an increase of 91% from 2022. Gross loss was 174.9 million USD in Q4/2023, and 551.6 million USD in FY 2023.

VinFast’s gross profit margin showed significant improvement compared to the previous fiscal year. Gross margin was negative (46%) in FY 2023, compared to negative (82%) in FY 2022. In the fourth quarter of 2023, gross margin reached negative (40.1%), compared to negative (82.6%) in the fourth quarter of 2022.

Le Thi Thu Thuy, Chairwoman of the Board of Directors, said 2023 was a whirlwind of first for VinFast, culminating in a strong public debut. They launched exciting new products, expanded their distribution network, and solidified their presence in existing markets while opening doors to promising new ones. These moves laid a strong foundation for 2024 to be a year of global expansion and cost optimisation.

VinFast delivered a total of 34,855 electric vehicles in FY 2023, marking a 374% increase compared to the previous year. This included 13,513 electric vehicles in the Q4, up 35% from the third quarter of 2023.

Despite a slight decrease in Q4/2023 compared to the third quarter, e-scooter deliveries also saw significant growth of 48% year-on-year for a total of 72,468 units in 2023./.

VNA