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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 Q4
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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Opinion: it’s time to start recommending some Tesla alternatives [update]

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Opinion: it's time to start recommending some Tesla alternatives [update]

For years, Tesla has been the go-to EV recommendation for “normals” looking for a painless, low-effort experience from their first electric cars. In light of questionable recalls and its CEO’s recent involvement in controversial politics, however, people are starting to distance themselves from the trailblazing company.

All that begs the question: what should we recommend to EV noobs now?

UPDATE: you guys had some great suggestions in the comments. I’ve included a few of them in the article, below. Enjoy!


Despite early quality issues and ongoing service headaches, the groundbreaking S3XY lineup of EVs have always had a secret weapon in the form of the Tesla Supercharger network.

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That network of dependable high-speed chargers, paired with solid app integration that makes it easy for Tesla drivers to find available chargers just about anywhere in the US, gave the brand a leg up – but no more. By opening up the Supercharger network to brands like Ford, Hyundai, Kia, and others, Tesla has given away its biggest competitive advantage.

Add in charging and route-planning apps like Chargeway, that make navigating the transition from CCS to NACS easier than ever with its intuitive colors and numbers and easy on/off switch for vehicles equipped with NACS adapters, and it feels like the time is right to start suggesting alternatives to the old EV industry stalwarts. As such, that’s exactly what I’m going to do.

Here, then, are my picks for the best Tesla S3XY (and Cybertruck) alternatives you can buy.

Less Model S, more Lucid Air


Lucid-$20K-EV
Lucid Air sedans; via Lucid.

Developed by OG Tesla Model S engineers with tunes from Annie Get Your Gun playing continuously in their heads, the Lucid Air promises to be the car Tesla should and could have built, if only Elon had listened to the engineers.

With panel fit, material finish, and overall build quality that’s at least as good as anything else in the automotive space, the Lucid Air is a compelling alternative to the Model S at every price level – and I, for one, would take a “too f@#king fast” Lucid Air Sapphire over an “as seen on TV” Model S Plaid any day of the week. And, with Supercharger access reportedly coming later this quarter, Air buyers will have every advantage the Supercharger Network can provide.

HONORABLE MENTIONS

Less Model 3, more Hyundai IONIQ 6


Hyundai-free-charger-EVs-IONIQ-6
2025 Hyundai IONIQ 6 Limited; via Hyundai.

Hyundai has been absolutely killing it these days, with EVs driving record sales and new models earning rave reviews from the automotive press. Even in that company the IONIQ 6 stands out, with up to 338 miles of EPA-rated range and lickety-quick 350 kW charging available to make road tripping easy – especially now that the aerodynamically efficient IONIQ 6 has Supercharger access through a NACS adapter (the 2026 “facelift” models get a NACS port as standard).

The company’s sole electric sedan hasn’t seen the same sales success as IONIQ 5, of course – but that has more to do with America’s insatiable lust for crossovers and SUVs than any shortcoming inherent in the IONIQ 6 itself. All the same, Hyundai is helping dealers clear out its remaining 2024 and ’25 models with 0% financing for up to 48 months through June 2nd.

HONORABLE MENTIONS

COMMENTER FAVORITES

Less Model X, more Volvo EX90


2025 Volvo EX90; via Volvo Cars.

Once upon a time, Mrs. Jo Borrás and I were shopping three-row SUVs and found ourselves genuinely drawn to the then-new Model X. Back then it was the only three-row EV on the market, but it wasn’t Elon’s antics or access to charging, or even the Model X’s premium pricing that squirreled the deal. It was the stupid doors.

We went with the similarly new Volvo XC90 T8 in denim blue, and followed up the big PHEV with a second, three years later, in Osmium Gray. When it’s time to replace this one, you can just about bet your house that the new 510 hp EX90 with 310 miles of all-electric range will be near the top of the shopping list.

HONORABLE MENTIONS

COMMENTER FAVORITES

Less Model Y, more Kia EV6


Kia-EV6-GT-lease
2024 Kia EV6 GT; via Kia.

If half the fun of driving a Model Y is terrifying your passengers with its straight-line speed, then the Kia EV6 has to be a serious contender for a replacement.

The sporty EV6 GT made its global debut by drag racing some of the fastest ICE-powered cars of the day, including a Lamborghini, Mercedes-AMG GT, a Porsche, even a turbocharged Ferrari – and it beat the pants off ’em. Combine supercar-baiting speed with an accessible price tag, NACS accessibility, $10,000 in customer cash on remaining 2024 models ($3,000 on 2025s) and just a hint of Lancia Stratos in the styling, the EV6 is tough to beat.

HONORABLE MENTIONS

COMMENTER FAVORITES

Less Cybertruck, more therapy

Image created by Chat GPT.

It’s not bulletproof, it’s not easy to upfit, it shouldn’t be used for towing, and it won’t win in a straight fight against a vinyl picket fence. By just about every standard “truck” metric, the Tesla Cybertruck falls short against the competition from Chevrolet, Ford, and Rivian. On a more subjective front, the Cybertruck has become a symbol for a conservative movement that is (depending on your point of view) either making America great again or plunging a once-great democracy into an era of fascist oligarchy and widespread stupidity.

In short, it’s probably best to skip the CT.

If you disagree with that statement and feel like driving a new Tesla Cybertruck is the key to happiness, I’m not sure an equally ostentatious GMC Hummer EV or more subtle Rivian R1T will help you scratch that particular itch – but maybe therapy might!

HONORABLE MENTIONS

COMMENTER FAVORITES

  • Not getting the USAF joke.
  • Projecting obsessions onto the author.
  • Feeling butthurt about the Pit Vipers and tribal tats.

Original content from Electrek.


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Tesla co-founder, Komatsu bring mobile Megawatt charging to electric job sites

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Tesla co-founder, Komatsu bring mobile Megawatt charging to electric job sites

There’s no question that electric construction equipment is safer, more precise, and generally better than the diesel equipment it’s replacing, but getting power to that equipment remains a logistical challenge that hasn’t been solved for. With this new mobile Megawatt charging station, however, Komatsu think they’ve found a solution — with up to 6 MW of power!

Developed by Tesla co-founder Ian Wright, Dimaag, and Japanese equipment giant Komatsu, the groundbreaking Mobile Megawatt Charging System (MWCS) promises to bring electricity where it’s needed, anywhere on the job site, then quickly dispense enough energy to get the electric machines under its care back up and running.

And, with Megawatt power delivery on tap, the new Komatsu-Dimaag MWCS can power up equipment assets between shift changes — if it even takes that long!

Komatsu Dimaag mobile charger


Meet Dimaag’s Mobile MegaWatt Charging System– A Power Bank On Wheels
Mobile Megawatt charger; via Dimaag.

The MWCS boasts a compact, high-efficiency DC-DC converter and a long-life, high-discharge-rate Battery Energy Storage System (BESS) on board that can be connected to a DC fast charger itself, or get “trickle charged” between shifts. Both the battery and its control systems make use of an advanced thermal management solution that Komatsu and Dimaag say optimizes both safety and battery life during high-power delivery.

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What’s more, that charging capability won’t stop at just one Megawatt. The system is designed to be scalable up to six (6) Megawatts — making it suitable to juice up even the biggest EVs and, frankly, strongly implying that they’ve already got a buyer.

To make sure the MWCS can get all that power where it needs to, wherever it needs to, the machine is equipped with with stout, construction-grade AT tires, 4-wheel drive, and 4-wheel steering to navigate tight surroundings and rough terrains that other solutions wouldn’t be able to get to. And, while it isn’t mentioned in the press release, there’s a common sense idea here that you could, in a pinch, use the MWCS to tow less capable vehicles out of the mud and snow, if needed.

For their part, it seems like the people at Dimaag are pretty happy with the results. “Dimaag is excited to collaborate with Komatsu, introducing our advanced ESS and DC-DC architecture to revolutionize electrification in construction,” stated Ian Wright, VP Engineering at Dimaag. “Off-road vehicle electrification demands practical solutions that not only meet but exceed the performance of equivalent large diesel engine vehicles, while also providing substantial Total Cost of Ownership (TCO) savings. Dimaag’s electrification and high-power megawatt charging systems are designed to achieve this.”

The prototype MWCS shown, above, features a 295 kWh battery pack and an MCS connector delivering up to 1,500 amps and 1,000 volts of power. Komatsu envisions a scenario wherein the mobile charger makes its rounds on the job site charging up equipment and heading back to grid power (if available) to charge itself.

The MWCS made its debut at the bauma construction show earlier this year. Real-world trials are expected to begin this year.

Electrek’s Take


Komatsu electric equipment at bauma; via Komatsu.

Conceptually similar to the mobile power platform being developed by American firm Dannar, this new mobile Megawatt charging unit has some heavy-hitting names behind it that make it impossible to ignore. Combine that with Komatsu’s ever-increasing push towards full electrification (the two machines shown, above, are all-new in the last 60 days, with more to come) and it really feels like the MWCS is going to be A Real Thing™️somewhat sooner than later.

Stay tuned.

SOURCES | IMAGES: Komatsu, Dimaag, via EIN Presswire.


Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. The best part? No one will call you until after you’ve elected to move forward. Get started, hassle-free, by clicking here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Opinion: it’s time to start recommending some Tesla alternatives

Published

on

By

Opinion: it's time to start recommending some Tesla alternatives [update]

For years, Tesla has been the go-to EV recommendation for “normals” looking for a painless, low-effort experience from their first electric cars. In light of questionable recalls and its CEO’s recent involvement in controversial politics, however, people are starting to distance themselves from the trailblazing company.

All that begs the question: what should we recommend to EV noobs now?

Despite early quality issues and ongoing service headaches, the groundbreaking S3XY lineup of EVs have always had a secret weapon in the form of the Tesla Supercharger network.

That network of dependable high-speed chargers, paired with solid app integration that makes it easy for Tesla drivers to find available chargers just about anywhere in the US, gave the brand a leg up – but no more. By opening up the Supercharger network to brands like Ford, Hyundai, Kia, and others, Tesla has given away its biggest competitive advantage.

Advertisement – scroll for more content

Add in charging and route-planning apps like Chargeway, that make navigating the transition from CCS to NACS easier than ever with its intuitive colors and numbers and easy on/off switch for vehicles equipped with NACS adapters, and it feels like the time is right to start suggesting alternatives to the old EV industry stalwarts. As such, that’s exactly what I’m going to do.

Here, then, are my picks for the best Tesla S3XY (and Cybertruck) alternatives you can buy.

Less Model S, more Lucid Air


Lucid-$20K-EV
Lucid Air sedans; via Lucid.

Developed by OG Tesla Model S engineers with tunes from Annie Get Your Gun playing continuously in their heads, the Lucid Air promises to be the car Tesla should and could have built, if only Elon had listened to the engineers.

With panel fit, material finish, and overall build quality that’s at least as good as anything else in the automotive space, the Lucid Air is a compelling alternative to the Model S at every price level – and I, for one, would take a “too f@#king fast” Lucid Air Sapphire over an “as seen on TV” Model S Plaid any day of the week. And, with Supercharger access reportedly coming later this quarter, Air buyers will have every advantage the Supercharger Network can provide.

HONORABLE MENTIONS

Less Model 3, more Hyundai IONIQ 6


Hyundai-free-charger-EVs-IONIQ-6
2025 Hyundai IONIQ 6 Limited; via Hyundai.

Hyundai has been absolutely killing it these days, with EVs driving record sales and new models earning rave reviews from the automotive press. Even in that company the IONIQ 6 stands out, with up to 338 miles of EPA-rated range and lickety-quick 350 kW charging available to make road tripping easy – especially now that the aerodynamically efficient IONIQ 6 has Supercharger access through a NACS adapter (the 2026 “facelift” models get a NACS port as standard).

The company’s sole electric sedan hasn’t seen the same sales success as IONIQ 5, of course – but that has more to do with America’s insatiable lust for crossovers and SUVs than any shortcoming inherent in the IONIQ 6 itself. All the same, Hyundai is helping dealers clear out its remaining 2024 and ’25 models with 0% financing for up to 48 months through June 2nd.

HONORABLE MENTIONS

Less Model X, more Volvo EX90


2025 Volvo EX90; via Volvo Cars.

Once upon a time, Mrs. Jo Borrás and I were shopping three-row SUVs and found ourselves genuinely drawn to the then-new Model X. Back then it was the only three-row EV on the market, but it wasn’t Elon’s antics or access to charging, or even the Model X’s premium pricing that squirreled the deal. It was the stupid doors.

We went with the similarly new Volvo XC90 T8 in denim blue, and followed up the big PHEV with a second, three years later, in Osmium Gray. When it’s time to replace this one, you can just about bet your house that the new 510 hp EX90 with 310 miles of all-electric range will be near the top of the shopping list.

HONORABLE MENTIONS

Less Model Y, more Kia EV6


Kia-EV6-GT-lease
2024 Kia EV6 GT; via Kia.

If half the fun of driving a Model Y is terrifying your passengers with its straight-line speed, then the Kia EV6 has to be a serious contender for a replacement.

The sporty EV6 GT made its global debut by drag racing some of the fastest ICE-powered cars of the day, including a Lamborghini, Mercedes-AMG GT, a Porsche, even a turbocharged Ferrari – and it beat the pants off ’em. Combine supercar-baiting speed with an accessible price tag, NACS accessibility, $10,000 in customer cash on remaining 2024 models ($3,000 on 2025s) and just a hint of Lancia Stratos in the styling, the EV6 is tough to beat.

HONORABLE MENTIONS

Less Cybertruck, more therapy

Image created by Chat GPT.

It’s not bulletproof, it’s not easy to upfit, it shouldn’t be used for towing, and it won’t win in a straight fight against a vinyl picket fence. By just about every standard “truck” metric, the Tesla Cybertruck falls short against the competition from Chevrolet, Ford, and Rivian. On a more subjective front, the Cybertruck has become a symbol for a conservative movement that is (depending on your point of view) either making America great again or plunging a once-great democracy into an era of fascist oligarchy and widespread stupidity.

In short, it’s probably best to skip the CT.

If you disagree with that statement and feel like driving a new Tesla Cybertruck is the key to happiness, I’m not sure an equally ostentatious GMC Hummer EV or more subtle Rivian R1T will help you scratch that particular itch – but maybe therapy might!

HONORABLE MENTIONS

Original content from Electrek.


Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. The best part? No one will call you until after you’ve elected to move forward. Get started, hassle-free, by clicking here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

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