VinFast sees a nearly 600% rise in EV sales with potential electric truck and $10K mini car coming

Vietnamese EV maker VinFast has ambitious goals for the future. The company’s founder said on Wednesday he expects electric vehicle sales to grow by nearly 600% this year. In addition, new VinFast models could include an electric pickup truck and a $10,000 to $12,000 minicar as it works to expand its lineup.

VinFast is quickly building a name for itself in the electric vehicle market after vowing to end ICE vehicle production and unveiling the VF 8 and VF 9 electric SUVs at the LA Auto Show in 2021.

After delivering the first electric model in Vietnam, VinFast reinforced its strategy of becoming a global presence. Shortly after, the company shipped its first batch of VF 8 models to the US in November.

VinFast’s momentum was slowed due to software issues, prompting the EV maker to delay deliveries until March.

With the first VF 8 City Edition models rolling out, Electrek had the chance to try it out at VinFast’s first media drive event (you can see our full review here).

Although several EV startups slashed full-year guidance after the first quarter, VinFast expects a strong sales year as it ramps production. To boost sales further, the EV maker is mulling adding new models, including an electric truck and a low-cost mini car.

VinFast EV sales, new models including an electric truck

According to Reuters, Pham Nhat Vuong, chairman of VinGroup, VinFast’s parent company, told investors during its annual general meeting he expects the automaker to sell up to 50,000 EVs this year.

VinFast sold roughly 7,400 in 2022, so 50,000 would represent over 575% growth year-over-year (YOY).

Furthermore, Vuong said, “If things go as planned,” VinFast could hit break even as soon as the end of 2024. If this is the case, it would be on par with Rivian and ahead of Ford and GM.

Vuong says VinFast may produce an electric pickup truck and a low-cost mini car priced around $10,000 to $12,000 to expand its market, though no additional details were given.

The news comes after VinFast revealed it would be going public in the US via a SPAC merger worth $23 billion last week. VinFast secured another $500 million in grants from VinGroup and another $1 billion from Vuong personally last month to boost development and production during a “pivotal acceleration period.”