The Vietnamese electric car manufacturer VinFast has now set the fourth quarter of 2023 as the target for the start of deliveries in Europe.  The introduction has been postponed several times. At the same time, VinFast presented its first official business figures after it went IPO in August.

In the fourth quarter of 2023, the first examples of the VF 8 are to be delivered to customers in Germany, France, and the Netherlands, VinFast boss Le Thi Thu Thuy told Reuters news agency. The other models, VF 6, VF 7, and VF 9, will be launched in Europe next year. The VF 8 was originally targeted for the fourth quarter of 2022.

Global growth plan

How many electric cars VinFast will bring to Europe has not yet been officially confirmed. An insider told Reuters that initially, around 3 000 VF 8s will be exported to Europe, including some examples for the Israeli market.

By the end of 2022, VinFast had officially started exporting its vehicles, with the first batch of 999 VF 8s shipped to the US. VinFast’s now imminent expansion into Europe is part of a global growth plan that includes building new factories in the United States and Indonesia and also targeting India, the Middle East, Africa, and Latin America.

Financial situation

Meanwhile, VinFast has officially published financial business results for the first time after its US IPO in August. According to the figures, the company delivered a total of 9 535 electric cars in the second quarter of 2023, more than five times as many as in the first quarter of this year.

VinFast’s revenue amounted to $ 334,1 million in the second quarter of 2023, an increase of 131,2% compared to the second quarter of 2022 and +303,3% compared to the first quarter of 2023.

The bottom line was a loss of $ 526,7 million US from April to June 2023. This is 8,2% less than in the same quarter last year and 11.2% less than in the first quarter of 2023.