Vinfast, a pure-play electric vehicle manufacturer with the mission of making EVs accessible to everyone, is all set to invest INR 4000 crore to establish an EV and battery manufacturing plant in Andhra Pradesh. Pham Sanh Chau, CEO of VinFast India, recently met with Andhra Pradesh Chief Minister N. Chandrababu Naidu and proposed to build the factory in the state. Meanwhile, the company has also started construction of its factory in Tamil Nadu.
The company recently announced its delivery results for the second quarter of 2024. For the second quarter of 2024, VinFast delivered 12,058 vehicles, representing an increase of 24 percent quarter-over-quarter and an increase of 26 percent compared to the same period of last year. Through 1H2024, VinFast has delivered 21,747 vehicles, up by 92 percent compared to 1H2023.
While the second-quarter delivery results were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and the global EV landscape necessitate a more prudent outlook for the rest of the year. The Company now anticipates delivering approximately 80,000 electric vehicles in 2024, compared to 34,855 vehicles delivered in 2023, or 2.3x year-over-year growth.
Madam Thuy Le, Chairwoman of the Board of Directors, stated, “We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking into full consideration the realities of market volatility and potential challenges. Our robust long-term strategy and proven execution capabilities position us well to meet the evolving needs of the dynamic global EV market.” Earlier this year, VinFast introduced its electric vehicle charging station venture named V-Green.