VinFast founder Pham Nhat Vuong said the electric vehicle maker could be profitable after 2025 if operations are “smooth” and break even by the end of 2024.
(Bloomberg) — VinFast founder Pham Nhat Vuong said the electric vehicle maker could be profitable after 2025 if operations are “smooth” and break even by the end of 2024.
Vuong, speaking at a Hanoi shareholders’ meeting of parent company Vingroup JSC, forecast sales of EVs to reach 45,000-50,000 this year. The company may produce electric pickup trucks, a mini car and other models, subject to market demand.
Vingroup said last week it plans to go public in the US through a merger with special purpose acquisition company Black Spade Acquisition Co. in the second half of the year.
The EV maker, which plans to build a factory in North Carolina, shipped its second batch of electric cars to North America in April with the aim to start delivering to customers in the US this month. It also plans to send its first vehicles to Europe in July.
Vingroup’s $1.5 billion loan and grant to the auto unit announced recently will “affect” the company’s cash flow, Vuong said. Nonetheless, Vingroup will make sure its operations run normally, he said.
Vuong said VinFast will construct a battery recycle plant in the north central coastal province of Ha Tinh.
VinFast also intends to expand into Southeast Asia, according to an emailed statement late Wednesday. The company plans to introduce right-hand steering versions of its VF 5, VF 6, VF 7 and VF e34 models, which will be tailored to meet the market’s specific features and demands.
(Updates with VinFast’s plans to expand into Southeast Asia in last paragraph.)
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