On February 24, it was reported that on Thursday, Vietnamese electric vehicle manufacturer Vinfast reported that despite a 90% increase in revenue, it had a net loss of more than $2 billion in 2023 due to failure to meet sales targets, according to foreign news reports.
Vinfast said in a filing with the U.S. Securities and Exchange Commission that its total revenue for 2023 was $11$900 million, an increase of 91% over the previous year. But the company also reported a net loss of 23$900 million, an increase of 147%。
Vinfast CFO Anh Nguyen said in a statement: "We delivered good results in our business operations in the fourth quarter, with strong revenue growth and improved margins.
We remain committed to improving investment performance and strengthening our balance sheet by reducing production and material costs. 」
In 2023, a total of 34,855 Vinfast electric vehicles were delivered with a value of 10$900 million, up 111% from the previous year, but this figure is below Vinfast's target of 50,000 vehicles. Vinfast posted a gross loss of $5 last year, according to the filler material$51.6 billion, with a gross loss of $1 in the fourth quarter$74.9 billion. However, its revenue from October to December reached 4$3.6 billion, up 26% from the previous quarter.
The company said it will raise its delivery target to 100,000 units in 2024 and focus on penetrating other international markets outside of the United States, Canada and Europe. Vinfast announced on Wednesday that it will begin building an electric vehicle plant in the southern Indian state of Tamil Nadu on Feb. 25 with an annual capacity of 150,000 vehicles.
The company also plans to invest at least $1.2 billion in Indonesia, where it plans to build an electric vehicle factory, and has already indicated its intention to invest in the Philippines.
Vinfast went public on the Nasdaq in August, and its valuation soared before making headlines around the world. The CEO of the company is Pham Nhat Vuong, the richest man in Vietnam and chairman of VinGroup, the parent company of Vinfast.