VinFast (VFS) Q4, full 2023 results: Rising revenues help offset missed delivery targets
After giving the public a glimpse of its Q4 2023 delivery targets last month, VinFast shared its full financial results for the previous quarter and year-over-year comparisons. Revenues are up, but the Vietnamese automaker will have to truly ramp up if it wants to reach its newly proposed delivery targets for 2024.
VinFast Auto ($VFS) remains a young automaker in the EV space, trying to make a global name for itself by expanding at a beyond-ambitious rate (sometimes to its financial detriment).
We have followed the Vietnamese auto brand of VinGroup from its inception, reporting on its continued expansion to new markets in the US, Europe, and India – all while continuing to introduce more and more EV models like the VF 3 compact SUV and most recently, an electric pickup concept called the Wild.
At the start of 2023, VinFast targeted 40,000 to 50,000 global EV deliveries. By Q3 2023, that quarterly total had reached 10,027 units, up 5.2% from 9,535 EVs in Q2. At the time, VinFast founder Pham Nhat Vuong shared that 60% of those Q3 sales (over 6,000) were to vehicle rental company Green and Smart Mobility (GSM) – a sibling recently established under the VinGroup umbrella.
In January 2024, we learned VinFast’s Q4 deliveries grew to 13,513 EVs, bringing the total to 34,855 for the fiscal year and landing well below the lower end of its 2023 targets. The company cited slow EV adoption rates in certain regions (who isn’t using that excuse these days?), but the full Q4 and 2023 reports tell a slightly more optimistic tale. Despite lower deliveries, revenue is up.
VinFast reports Q4 and total 2023 revenue growth
Per VinFast, Q4 revenue totaled $437 million, up 26% from the previous quarter and 133% YOY. Thanks to cost optimization strategies, the Vietnamese automaker also reported that profit margins have increased (negative 46% in FY 2023, compared to negative 82% in FY 2022), enabling higher revenue gaps.
For the entire fiscal year 2023, VinFast is reporting $1.2 billion in revenue, an increase of 91% YOY. Increased revenue is always a welcomed stat, but the miss on deliveries must be addressed, regardless of the excuses. Still, in true VinFast fashion, the automaker is doubling down (literally) and setting significantly higher targets for 2024. Per former VinFast CEO turned chairwoman of the board of directors, Madam Thuy Le:
2023 was a whirlwind of firsts for VinFast, culminating in a strong public debut. We launched exciting new products, expanded our distribution network, and solidified our presence in existing markets while opening doors to promising new ones. These moves laid a strong foundation for 2024, a year of global expansion and cost optimization. We’re already seeing positive signs in key markets like the U.S. and Indonesia. We’re not resting on our laurels. Fueled by this momentum and a recovering consumer sentiment, we’re setting an ambitious target of delivering 100,000 vehicles in 2024. This is a testament to our unwavering commitment to building a greener future for all.
VinFast shared that its gross loss in Q4 was $174.9 million and $551.6 for the fiscal year 2023.
Looking ahead, VinFast intends to balance revenue growth through cost optimization, including its cost of materials and EV production, all while trying to manufacture and deliver 100,000 EVs. Bold. In addition to continued production expansion in the US and entry into new global markets like Indonesia, VinFast has vowed to invest in markets closer to its native Vietnam. VinFast CFO Anh Nguyen also spoke to today’s Q4 report:
We saw favorable results in our business operations in the fourth quarter, with strong revenue growth and improved profit margins. We remain focused on enhancing investment performance and strengthening our balance sheet by reducing production and materials costs and strategically optimizing our global manufacturing CapEx. These initiatives will support our expansion efforts into high-growth markets like Indonesia and India and unlock the potential of these regions to drive substantial sales growth.
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First Solar just cut the ribbon on a huge new factory in Iberia Parish, Louisiana, and it dwarfs the New Orleans Superdome. The company’s $1.1 billion, fully vertically integrated facility spans 2.4 million square feet, or about 11 times the size of the stadium’s main arena.
The factory began production quietly in July, a few months ahead of schedule, and employs more than 700 people. First Solar expects that number to hit 826 by the end of the year. Once it’s fully online, the site will add 3.5 GW of annual manufacturing capacity. That brings the company’s total US footprint to 14 GW in 2026 and 17.7 GW in 2027, when its newly announced South Carolina plant is anticipated to come online.
The Louisiana plant produces First Solar’s Series 7 modules using US-made materials — glass from Illinois and Ohio, and steel from Mississippi, which is fabricated into backrails in Louisiana.
The new factory leans heavily on AI, from computer vision that spots defects on the line to deep learning tools that help technicians make real‑time adjustments.
Louisiana Governor Jeff Landry says the investment is already a win for the region, bringing in “hundreds of good-paying jobs and new opportunities for Louisiana workers and businesses.” A new economic impact analysis from the University of Louisiana at Lafayette projects that the factory will boost Iberia Parish’s GDP by 4.4% in its first full year at capacity. The average manufacturing compensation package comes in at around $90,000, more than triple the parish’s per capita income.
First Solar CEO Mark Widmar framed the new facility as a major step for US clean energy manufacturing: “By competitively producing energy technology in America with American materials, while creating American jobs, we’re demonstrating that US reindustrialization isn’t just a thesis, it’s an operating reality.”
This site joins what’s already the largest solar manufacturing and R&D footprint in the Western Hemisphere: three factories in Ohio, one in Alabama, and R&D centers in Ohio and California. Just last week, First Solar announced a new production line in Gaffney, South Carolina, to onshore more Series 6 module work. By the end of 2026, the company expects to directly employ more than 5,500 people across the US.
Read more: First Solar pours $330M into a new South Carolina solar factory
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No, it’s not the new Bolt. GM’s design team previewed a new high-riding “sporty Chevrolet EV” that should be brought to life.
Is Chevy launching a new sporty EV?
This is the all-electric vehicle Chevy should sell in the US. General Motors’ design team released a series of sketches previewing a sporty new Chevy EV.
Although it kinda looks like the new 2027 Chevy Bolt EV as a higher-sitting compact crossover SUV, the design offers a fresh take on what it should have looked like.
The new Bolt is essentially a modernized version of the outgoing EUV model with a similar compact crossover silhouette. Nissan adopted a similar style with the new 2026 LEAF as buyers continue shifting from smaller sedans and hatchbacks to crossovers and SUVs.
Will we see the sporty Chevy EV in real life? It’s not likely. For one, the “exploration sketch” is by GM China Advanced designer Charles Huang.
GM Design posted the sketches on its global social media page, but the caption read “Sporty Chevrolet EV for the China Market.”
It’s too bad. The Bolt could use a sporty sibling like an SS variant. Chevy introduced the Blazer EV SS (check out our review) for the 2026 model year, its fastest “SS” model yet. Packing up to 615 horsepower and 650 lb-ft of torque, the Chevy Blazer SS can race from 0 to 60 mph in 3.4 seconds when using Wide Open Watts (WOW) mode.
Will the Bolt be next? I wouldn’t get my hopes up. And if GM does bring the sporty Chevy EV to life, it will likely only be sold in China. Like all the fun cars these days.
What do you think of the design? Would you buy one of these in the US? Let us know your thoughts in the comments.
While deliveries of the 2027 Bolt are set to begin in early 2026, Chevy is offering some sweet deals on its current EV lineup, including up to $4,000 off in Customer Cash and 0% APR financing for 60 months.
Ready to test drive one? You can use our links below to find Chevy Equinox, Blazer, and Silverado EVs at a dealership near you.
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Environment
Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss electricity becoming the base currency, Tesla Robotaxi crashes, the new Porsche Cayenne EV, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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