Business News 24/04/2024, 03:35

VinFast's Electric Vehicle Sales in US Increases by 743% in Q1/2024

VinFast sold over 900 VF 8 vehicles in the US market in Q1/2024.

VinFast's Electric Vehicle Sales in US Increases by 743% in Q1/2024

According to data from Kelley Blue Book, Americans bought a total of 268,909 new electric vehicles in Q1/2024. The electric vehicle market share of total new vehicle sales in Q1 was 7.3%, down from Q4/2023.

Annual electric vehicle sales continue to grow in the US, but the growth rate has decreased significantly. Q1 sales only increased by 2.6% compared to the same period in 2023 and decreased by 15.2% compared to Q4/2023. The increase in Q1 was also lower than the past two years.

However, at least 9 manufacturers recorded an increase of more than 50% compared to the same period last year, including BMW, Cadillac, Ford, Hyundai, Kia, Lexus, Mercedes, Rivian, and VinFast.

VinFast electric car sales in the US increased by 743% in the first quarter of 2024 - Photo 1.

Electric vehicle sales of manufacturers in the US in Q1/2024

The above list only includes 26 manufacturers that sold at least 100 electric vehicles in Q1 in the US. VinFast ranked 23rd, above 3 others: Mini, BrightDrop, and Jaguar.

Accordingly, VinFast made an impression by selling 927 vehicles, an increase of 742.7% over the same period last year (110 vehicles), accounting for a market share of 0.3% of total market sales.

VinFast has been selling vehicles in the US since March 2023. Currently, VinFast’s business activities in the US mainly take place in California, and they only sell one electric SUV model, VinFast VF 8, with a starting price of 47,000 USD.

Previously, VinFast exported 2,878 VF 8 vehicles to the US market at the end of 2022 and May 2023.

Data: Kelley Blue Book

In the US market, in addition to selling cars, VinFast is also building its first manufacturing plant in the North American market. The project has an investment of up to 2 billion USD in phase 1 and will create thousands of jobs for local workers.

It is expected that in 2025, VinFast will start manufacturing VF 7, VF 8, and VF 9 at its plant in the US. Besides, the mini electric vehicle model, VF 3, is also positively received by many dealers and is expected to soon appear to give customers more affordable options.

As of now, VinFast has 13 stores in California, 6 dealers in 5 states (North Carolina, New York, Texas, Florida, and Kansas), and 75 dealers registered to join the network. The company expects to reach about 130 sales points in North America and 400 sales points globally by the end of 2024. Of which, sales through dealers will contribute significantly to sales in the second half of 2024.

CafeF / Translator: Hoàng Trúc
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