VinFast has no current plans to boost sales in North America and Europe.
VinFast has been bleeding cash since it shipped its first vehicles to the US in late 2022
Photo Credit: Reuters
Vietnamese electric vehicle maker VinFast Auto is pushing expansion into Asian markets instead of North America and Europe, founder Pham Nhat Vuong said during a Hanoi shareholders' meeting for parent Vingroup JSC.
VinFast has no current plans to boost sales in North America and Europe due to high logistic fees and will instead focus on India, Indonesia and the Philippines, as well as the Vietnam market, said Vuong, who is also the company's chief executive officer.
VinFast expects to open its India manufacturing plant June 30, followed by an Indonesia plant in October, he said.
The strategy shift follows the delayed the opening of a factory in North Carolina by three years to 2028.
VinFast expects to deliver over 200,000 vehicles in Vietnam this year, Vuong said. He said the company will be close to reaching a break-even point in the Vietnam market in 2025.
VinFast has been bleeding cash since it shipped its first vehicles to the US in late 2022.
VinFast's billionaire founder poured about VND 27.257 trillion ($1 billion or roughly Rs. 8,553 crore) into the company in 2023 and 2024 from his personal wealth, according to Vingroup's audited financial report released late last month.
In November, he committed to give about $2 billion (roughly Rs. 17,109 crore) from his personal wealth to the company through 2026 and said in an interview with Bloomberg Television last year that he was willing to bet all his money on the company's growth. Meanwhile, Vingroup said in November it would loan VinFast as much as $1.38 billion (roughly Rs. 11,805 crore).
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