Vinfast 2024 EV Delivery Target Achieved Amid Widening Losses and Global Expansion Plans

Vinfast Auto

Vietnamese EV manufacturer Vinfast has surpassed its 2024 EV delivery target, reaching 97,399 units—well above its 80,000-unit goal. While the Vinfast 2024 EV delivery target was exceeded, the company reported a significant net loss of $3.2 billion, underscoring the financial strain of rapid global expansion.

Delivery Growth Triples, But Losses Mount

Vinfast tripled its EV deliveries compared to 2023 and more than doubled deliveries in Q4 2024 alone, reaching 53,139 units for the quarter. Despite this growth, the firm’s net loss widened by 28% year-over-year, driven by elevated gross and operating costs. Total revenue increased 58% to $1.8 billion, reflecting strong EV demand but also aggressive investments in scaling production and international presence.

Chairwoman Le Thi Thu Thuy confirmed that Vinfast’s 2025 goal is to at least double global deliveries. The strategy remains flexible in response to macroeconomic shifts, including inflation, tariffs, and market competition.

2025 Product Launches and Market Focus

Vinfast plans to launch four new EV models in 2025: the Herio Green and Nerio Green SUVs in Q2, and the Minio Green minicar and Limo Green MPV in Q3. The company expects 25–30% of total 2025 deliveries to occur in the first half of the year, with peak volumes anticipated in Q4.

Asia will be a key growth region, with Indonesia, the Philippines, and India forecast to contribute significantly to sales. While U.S. tariffs have impacted shipment planning, Vinfast’s exposure to the U.S. remains low—just 4% of total deliveries in 2024. The firm still plans to complete its $2 billion North Carolina factory by 2028, despite a two-year delay from the original 2025 timeline.

The Metalnomist Commentary

Vinfast’s ability to exceed its 2024 EV delivery target highlights its strong execution in high-growth markets. However, rising losses and shifting regulatory landscapes will test its ability to scale sustainably. The next 12 months will be critical as Vinfast balances rapid growth with operational discipline.