Vietnam EV maker VinFast sees sales boom, path to breakeven

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Attendees watch a video at the VinFast electric car booth during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. REUTERS/Steve Marcus/File Photo


VinFast automotive company out of Vietnam estimates sales of about 50,000 electric cars in 2023, which would be a huge surge over 2022 sales. The company has made its EVs available in North America and will ship them to Europe.

VinFast could hit break even as soon as the end of 2024 "if things go as planned," Pham Nhat Vuong, chairman of the country's largest conglomerate Vingroup (VIC.HM) and founder of its auto unit VinFast, told investors at the company's annual general meeting.

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company's only market was Vietnam.

In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or "mini car." The latter would be priced between $10,000 and $12,000, he said, making it an ultra-low-cost EV.

Vietnam EV maker VinFast sees sales boom, path to breakeven

Vietnam's VinFast expects to sell as many as 50,000 electric vehicles (EVs) this year, an almost seven-fold increase over 2022 as it ramps up exports to North America and starts shipping to Europe, the company's founder said on Wednesday.

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