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.
The VF 8 / Source: VinFast
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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Delta Air Lines is teaming up with Dutch aviation startup Maeve Aerospace to take its idea for a more advanced, fuel-sipping hybrid-electric aircraft powertrain from the drawing board and into regional commercial service.
Delta Air Lines announced a new partnership with Maeve Aerospace meant to accelerate certification and deployment of the startup’s next-generation hybrid-electric regional aircraft – a move that could reduce the company’s fuel consumption on those routes by up to 40% compared to ICE-only assets.
“Delta is proud to collaborate with Maeve to help shape the next chapter of regional aviation and accelerate progress toward a more sustainable future of flight,” said Kristen Bojko, Vice President of Fleet at Delta Air Lines. “As we work toward the next generation of aircraft, we look to partners like Maeve who embody the bold, forward-thinking innovation we champion at Delta – solutions that advance aircraft design, enhance operational efficiency, elevate employee and customer experiences, and cut emissions. While driving toward transformative technologies that strengthen our network and redefine regional air travel remains a key priority, we’re equally focused on safety and a more sustainable future of flight.”
Maeve introduced its M80 hybrid-electric, 80-seater aircraft in November of 2023 as a sustainable, cost-effective aircraft designed to satisfy the operational needs of the majority of regional operators and airports.
The M80’s electric motors can also be used during taxiing operations on the ground to reduce surface-level carbon emissions while also supporting a more efficient integration of more electric aircraft systems. Two facets of the aircraft’s designs that are specifically called out by Delta’s press material as being of extreme interest to the commercial carrier.
“It’s a privilege to have Delta as a partner in the development of groundbreaking technologies and processes,” shared Martin Nuesseler, Chief Technology Officer at Maeve Aerospace. “Their expertise in fleet innovation and commitment to aviation sustainability is unmatched, and we’re proud to work together to tailor the MAEVE Jet for the US market.”
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Utilities, state governments, and private developers are racing to roll out faster, more powerful EV chargers. At the same time, automakers and tech giants across the globe are pouring billions into R&D to develop batteries that can take ever-higher levels of power. But what if there’s a better, easier, cheaper, and more effective way to cut emissions?
What if, instead of faster chargers, we pushed for SLOWER gas pumps?
I want to start this conversation by pointing out that there’s a precedent for this idea. Back in 1993, the Environmental Protection Agency (EPA) finalized a rule that limited the rate that gas service stations could pump fuel to a maximum of 10 gallons per minute (gpm), with the stated goals of reducing evaporative emissions and promoting safety by ensuring the integrity of the nation’s refueling infrastructure.
The basic idea is this: instead of “just” asking for utility rate-payers and State or local governments to help cover the costs of rolling out an increasingly huge EV charging infrastructure that will never be big enough to convince the red hats it’s ready, anyway, we focus our lobbying efforts on slower gas pumps in blue states. Like, significantly slower gas pumps.
By reducing the maximum pumping speed from 10 gpm to 3 gpm, we could increase the minimum time to fill up a half-ton Ford F-150’s 36 gallon fuel tank (yes, really) from under four minutes to nearly twelve (12). Factor in the longer wait times ICE-vehicles would have to endure waiting in line to refuel, as well, and we’re talking about a 20-30 minute turnaround time to go from just 10% to a usable 80-or-90% fill.
You don’t have to take my word for that, though. You can take big oil’s. “If I think about a tank of fuel versus a fast charge, we are nearing a place where the business fundamentals on the fast charge are better than they are on the (fossil) fuel,” BP head of customers and products, Emma Delaney, told Reuters.
Those fundamentals revolve around amenities. If you’re popping into a gas station for a three or four minute visit, you’re probably getting in and out as fast as you can. But if you’re there a bit longer? That’s a different story. You might visit the rest room, might buy a snack or order a coffee or suddenly remember you were supposed to pick up milk on your way home, even – and that stuff has a much higher margin for the gas station than the dino-juice, totaling 61.4% of all fuel station profits despite being a fraction of the overall revenue.
What do you guys think? Does this low-cost, high-impact idea to cut the time delta between refueling your gas car and recharging your EV have legs? What concerns do we need to address before we take it to Gavin and JB? Let us know, in the comments!
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John Deere is quick to point out that these new GX side-by-side utility vehicles are not golf carts. Fair enough – while they;re not quite in the same go-anywhere league as Deere’s TH 6×4 Gas or TE 4×2 Gators, the Gator GX and GX Crew offer more than enough capability to handle just about anything you’ll find on a typical campus, golf course, or job site.
To that end, the sturdy composite dump bed, comfortable and supportive high-back foam seats seem credible enough at first glance. And, if you give the new Deere UTVs a second glance, you’ll see a 367-L (13-cu ft) cargo box can haul more than 800 lbs. (~365 kg) of mulch, nursery plantings, building supplies, firewood, animal feed, or tools.
These are serious machines, in other words, ready to get down and do some serious work, but without the noise, vibration, and harmful exhaust emissions of gas.
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“The Gator GX lineup offers property owners the opportunity to increase productivity around their properties with less noise, less maintenance and more versatility,” said John Deere Go To Market Manager Eric Halfman. “These utility vehicles are intuitive and durable while offering users the comfort, reliability and convenience they expect from a John Deere Gator.”
The key component in the new GX and GX Crew is the new, 5.4 kWh, 51.2V lithium-ion battery that sends power to a high-efficiency electric drive motor with responsive torque and smooth acceleration. An onboard charger allows for convenient charging anywhere with a standard, grounded 120 outlet, eliminating the need for handling fuel or trips to the gas station and fully charging the 5.4 kWh battery over night, with more than 8 hours of continuous operation on tap that’s extendable with clever use of the new Deere’s regenerative braking.
These new electric Gators are available in classic John Deere green or grey metallic, and start at $17,499 with a whole suite of available accessories to make upfitting a breeze. The company says they’ll be available for order at your local John Deere TriGreen dealer in Q1 of 2026.
Electrek’s Take
I imagine that applying the Gator name to a vehicle that I’d call a glorified golf cart makes me feel something similar to what the Mustang guys feel whenever they see a Mach-E drive past. As such, I’ll give myself the same advice I give them: the people who make the thing decide what makes it worthy of the name, not you.
As such, I’d better get used to it. The good news there, of course, is that it seems like Deere’s latest Gator is going to be more than good enough to win me over. Eventually.
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